Cenovus Energy (TSE:CVE) Given New C$51.00 Price Target at Raymond James Financial

Key Points

• Raymond James raised Cenovus Energy’s price target to C$51 from C$46 and maintained an “outperform” rating, implying approximately 10.3% upside.
• Analyst sentiment remains favorable, with the stock carrying a consensus “Buy” rating; recent targets range from C$50 to C$60, although the consensus target is C$45.19.
• Cenovus shares traded at C$46.23, near their 52-week high, while the company reported C$1.53 in quarterly EPS, C$17.43 billion in revenue, and a 12.37% net margin.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its target price hoisted by research analysts at Raymond James Financial from C$46.00 to C$51.00 in a research report issued on Wednesday, BayStreet reports. The brokerage currently has an "outperform" rating on the stock. Raymond James Financial's price target indicates a potential upside of 10.32% from the company's current price.

A number of other equities analysts have also commented on CVE. Canadian Imperial Bank of Commerce boosted their price target on shares of Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. Royal Bank Of Canada lifted their target price on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the company an "outperform" rating in a research note on Thursday, July 30th. National Bank Financial set a C$60.00 price target on Cenovus Energy and gave the stock an "outperform" rating in a research report on Tuesday, August 25th. Desjardins set a C$50.00 price target on Cenovus Energy and gave the company a "buy" rating in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. upgraded Cenovus Energy from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. 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 company's stock. According to data from MarketBeat, Cenovus Energy has an average rating of "Buy" and a consensus price target of C$45.19.

Cenovus Energy Price Performance

TSE CVE traded down C$1.00 on Wednesday, reaching C$46.23. The company's stock had a trading volume of 2,119,754 shares, compared to its average volume of 7,435,140. Cenovus Energy has a 52 week low of C$21.62 and a 52 week high of C$47.45. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The firm has a market cap of C$85.26 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 0.09 and a beta of 0.19. The business has a 50-day moving average price of C$42.35 and a 200 day moving average price of C$38.62.

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 EPS for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. The firm had revenue of C$17.43 billion during the quarter. Sell-side analysts expect that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Activity at Cenovus Energy

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the insider owned 843,824 shares in the company, valued at C$36,697,905.76. The trade was a 11.06% decrease in their position. Also, Director Alex Pourbaix sold 30,186 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the sale, the director owned 1,455,996 shares of the company's stock, valued at approximately C$61,399,351.32. The trade was a 2.03% decrease in their position. Insiders sold a total of 601,524 shares of company stock valued at $25,546,211 over the last quarter. Corporate 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.

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