Cenovus Energy (TSE:CVE) Given a C$60.00 Price Target by National Bank Financial Analysts

Key Points

• National Bank Financial set a C$60.00 price target for Cenovus Energy and maintained an “outperform” rating, implying 36.39% upside from the prior close.
• Analyst sentiment remains positive, with Cenovus carrying a consensus “Buy” rating and an average price target of C$45.19, despite UBS downgrading the stock to “hold.”
• Cenovus reported quarterly revenue of C$17.43 billion and EPS of C$1.53, while insiders have sold 601,524 shares worth approximately C$25.5 million over the past 90 days.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE has been given a C$60.00 price target by analysts at National Bank Financial in a research note issued on Wednesday, BayStreet reports. The firm presently has an "outperform" rating on the stock. National Bank Financial's price target points to a potential upside of 36.39% from the stock's previous close.

A number of other equities research analysts also recently issued reports on the stock. UBS Group downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 2nd. Desjardins set a C$50.00 target price on shares of Cenovus Energy and gave the stock a "buy" rating in a research report on Friday, July 17th. Gerdes Energy Research upgraded Cenovus Energy from a "neutral" rating to a "buy" rating and boosted their target price for the stock from C$42.00 to C$46.00 in a research note on Monday, June 29th. Royal Bank Of Canada upped their target price on Cenovus Energy from C$47.00 to C$51.00 and gave the company an "outperform" rating in a report on Thursday, July 30th. Finally, Canadian Imperial Bank of Commerce increased their price target on Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy currently has a consensus rating of "Buy" and a consensus price target of C$45.19.

Cenovus Energy Stock Performance

Shares of CVE opened at C$43.99 on Wednesday. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The stock has a 50 day moving average price of C$43.54 and a two-hundred day moving average price of C$39.57. The firm has a market capitalization of C$81.13 billion, a P/E ratio of 12.22, a P/E/G ratio of 0.09 and a beta of 0.19. Cenovus Energy has a 52 week low of C$21.62 and a 52 week high of C$47.45.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%.The business had revenue of C$17.43 billion during the quarter. Equities analysts forecast that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cenovus Energy news, insider Jonathan Michael Mckenzie sold 104,974 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the transaction, the insider directly owned 843,824 shares in the company, valued at C$36,697,905.76. The trade was a 11.06% decrease in their ownership of the stock. Also, insider John F. Soini sold 26,223 shares of the business's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the completion of the transaction, the insider owned 2,114 shares in the company, valued at approximately C$94,960.88. The trade was a 92.54% decrease in their ownership of the stock. Over the last 90 days, insiders have sold 601,524 shares of company stock valued at $25,546,211. Company 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.

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