Royal Bank Of Canada Issues Positive Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective upped by equities researchers at Royal Bank Of Canada from C$42.00 to C$45.00 in a research report issued on Thursday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective indicates a potential upside of 15.21% from the company’s previous close.

CVE has been the subject of a number of other research reports. TD lifted their target price on shares of Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Jefferies Financial Group boosted their price objective on Cenovus Energy from C$30.00 to C$37.00 in a research note on Monday, March 16th. Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. BMO Capital Markets decreased their price objective on shares of Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. Finally, TD Securities boosted their target price on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of C$39.64.

Cenovus Energy Stock Performance

Shares of CVE traded down C$0.43 during trading hours on Thursday, reaching C$39.06. 5,248,804 shares of the company traded hands, compared to its average volume of 9,302,987. The company has a debt-to-equity ratio of 53.80, a quick ratio of 1.00 and a current ratio of 1.57. The stock’s fifty day moving average is C$34.63 and its 200 day moving average is C$28.51. Cenovus Energy has a 1-year low of C$16.61 and a 1-year high of C$42.01. The stock has a market cap of C$73.42 billion, a P/E ratio of 18.17, a price-to-earnings-growth ratio of 0.09 and a beta of 0.23.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 earnings per share for the quarter. The firm had revenue of C$12.36 billion for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. Equities research analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Insider Activity

In related news, insider John F. Soini sold 10,275 shares of the stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the completion of the sale, the insider directly owned 2,114 shares of the company’s stock, valued at approximately C$74,264.82. This represents a 82.94% decrease in their position. 32.03% of the stock is owned by company insiders.

About Cenovus Energy

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.