Cenovus Energy (TSE:CVE) Upgraded to Buy at Gerdes Energy Research

Cenovus Energy (TSE:CVE) (NYSE:CVE) was upgraded by analysts at Gerdes Energy Research from a “neutral” rating to a “buy” rating in a report released on Monday,BayStreet.CA reports. The firm currently has a C$46.00 target price on the stock, up from their previous target price of C$42.00. Gerdes Energy Research’s price target suggests a potential upside of 28.71% from the stock’s current price.

CVE has been the topic of several other reports. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. JPMorgan Chase & Co. raised their price target on shares of Cenovus Energy from C$25.00 to C$41.00 in a report on Tuesday, April 14th. Royal Bank Of Canada upped their price objective on Cenovus Energy from C$45.00 to C$47.00 and gave the company an “outperform” rating in a report on Tuesday, May 19th. National Bank Financial increased their price objective on Cenovus Energy from C$30.00 to C$57.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 31st. Finally, Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and raised their target price for the stock from C$41.00 to C$42.00 in a research note on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of C$40.20.

Cenovus Energy Trading Up 1.6%

TSE CVE traded up C$0.57 on Monday, reaching C$35.74. 2,135,687 shares of the company were exchanged, compared to its average volume of 8,423,436. The business’s fifty day moving average price is C$38.57 and its 200 day moving average price is C$32.31. The stock has a market capitalization of C$66.65 billion, a P/E ratio of 14.24, a price-to-earnings-growth ratio of 0.09 and a beta of 0.15. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29. Cenovus Energy has a fifty-two week low of C$18.45 and a fifty-two week high of C$44.13.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 EPS for the quarter. The business had revenue of C$12.36 billion for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%. Analysts forecast that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insiders Place Their Bets

In other Cenovus Energy news, insider Susan Mary Anderson-Olney sold 19,379 shares of Cenovus Energy stock in a transaction dated Friday, May 15th. The stock was sold at an average price of C$41.84, for a total value of C$810,817.36. Following the completion of the transaction, the insider directly owned 33,275 shares of the company’s stock, valued at C$1,392,226. The trade was a 36.80% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total transaction of C$2,741,480.37. Following the sale, the insider owned 1,143,824 shares in the company, valued at C$45,192,486.24. This trade represents a 5.72% decrease in their ownership of the stock. Insiders sold 225,897 shares of company stock valued at $8,990,614 over the last ninety days. Insiders own 32.03% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.