Cenovus Energy (TSE:CVE) Given a C$50.00 Price Target at Desjardins

Cenovus Energy (TSE:CVE) (NYSE:CVE) received a C$50.00 price objective from equities researchers at Desjardins in a report released on Friday,BayStreet.CA reports. The firm currently has a “buy” rating on the stock. Desjardins’ price target points to a potential upside of 28.17% from the stock’s previous close.

A number of other analysts also recently commented on CVE. TD boosted their price objective on shares of Cenovus Energy from C$35.00 to C$45.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. dropped their target price on shares of Cenovus Energy from C$47.00 to C$45.00 in a report on Thursday, July 9th. Scotia lifted their price target on shares of Cenovus Energy from C$38.00 to C$44.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. Royal Bank Of Canada upped their price target 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, Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and raised their price objective for the company from C$41.00 to C$42.00 in a research note on Wednesday, May 6th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of C$41.40.

Cenovus Energy Price Performance

Cenovus Energy stock traded up C$0.74 during midday trading on Friday, reaching C$39.01. The company’s stock had a trading volume of 1,684,539 shares, compared to its average volume of 8,078,563. The firm has a market capitalization of C$72.75 billion, a PE ratio of 15.54, a P/E/G ratio of 0.09 and a beta of 0.17. Cenovus Energy has a fifty-two week low of C$19.05 and a fifty-two week high of C$44.13. The stock’s 50 day simple moving average is C$38.46 and its 200 day simple moving average is C$33.61. 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 (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 business had revenue of C$12.36 billion for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. On average, equities research analysts forecast that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Susan Mary Anderson-Olney sold 19,379 shares of the 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 sale, the insider owned 33,275 shares of the company’s stock, valued at C$1,392,226. This trade represents a 36.80% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the business’s stock in a transaction dated 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 transaction, the insider directly owned 1,143,824 shares of the company’s stock, valued at C$45,192,486.24. The trade was a 5.72% decrease in their position. In the last ninety days, insiders have sold 225,897 shares of company stock worth $8,990,614. Corporate insiders own 32.03% of the company’s stock.

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.