Cenovus Energy (TSE:CVE) Price Target Raised to C$46.00 at Raymond James Financial

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective upped by analysts at Raymond James Financial from C$41.00 to C$46.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Raymond James Financial’s price objective would indicate a potential upside of 9.92% from the company’s previous close.

Several other equities analysts have also commented on CVE. Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and increased their target price for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th. Scotia raised their price objective on Cenovus Energy from C$38.00 to C$44.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Royal Bank Of Canada lifted their price objective on Cenovus Energy from C$45.00 to C$47.00 and gave the stock an “outperform” rating in a report on Tuesday, May 19th. Finally, JPMorgan Chase & Co. lowered their target price on Cenovus Energy from C$47.00 to C$45.00 in a research note on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of C$43.73.

Cenovus Energy Price Performance

TSE:CVE traded up C$1.02 during mid-day trading on Thursday, reaching C$41.85. The stock had a trading volume of 2,223,963 shares, compared to its average volume of 7,872,472. The stock has a market capitalization of C$78.04 billion, a P/E ratio of 16.67, a P/E/G ratio of 0.09 and a beta of 0.17. The firm has a 50 day moving average price of C$38.28 and a two-hundred day moving average price of C$34.71. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57. Cenovus Energy has a one year low of C$19.97 and a one year high of C$44.13.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The business had revenue of C$17.43 billion for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. As a group, analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insiders Place Their Bets

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

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.