Cenovus Energy (TSE:CVE) Price Target Raised to C$49.00

Key Points

• ATB Cormark raised Cenovus Energy’s price target to C$49.00 from C$42.50 while maintaining an “outperform” rating, implying approximately 9% upside from the current price.
• Analyst sentiment remains positive, with Cenovus carrying a consensus “Buy” rating and an average price target of C$46.06; several firms recently raised their targets to between C$46.00 and C$52.00.
• Cenovus shares traded at C$44.96, near their 52-week high of C$47.45. The company reported quarterly revenue of C$17.43 billion, earnings per share of C$1.53, and a 12.37% net margin, while insiders have sold roughly 601,524 shares over the past 90 days.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its target price lifted by investment analysts at ATB Cormark Capital Markets from C$42.50 to C$49.00 in a research report issued to clients and investors on Tuesday, BayStreet reports. The firm presently has an "outperform" rating on the stock. ATB Cormark Capital Markets' price target would suggest a potential upside of 8.99% from the stock's current price.

Other equities analysts also recently issued research reports about the company. Canadian Imperial Bank of Commerce upped their price objective on Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. Royal Bank Of Canada raised their target price on Cenovus Energy from C$47.00 to C$51.00 and gave the stock an "outperform" rating in a research report on Thursday, July 30th. Gerdes Energy Research upgraded Cenovus Energy from a "neutral" rating to a "buy" rating and boosted their target price for the company from C$42.00 to C$46.00 in a research note on Monday, June 29th. TD upped their price target on Cenovus Energy from C$46.00 to C$49.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Finally, UBS Group lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Cenovus Energy has a consensus rating of "Buy" and an average price target of C$46.06.

Cenovus Energy Stock Performance

CVE traded up C$0.10 during trading on Tuesday, hitting C$44.96. 4,633,102 shares of the company traded hands, compared to its average volume of 7,274,687. Cenovus Energy has a one year low of C$21.62 and a one year high of C$47.45. The stock's fifty day moving average is C$43.88 and its 200 day moving average is C$39.94. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01. The firm has a market cap of C$82.92 billion, a P/E ratio of 12.49, a price-to-earnings-growth ratio of 0.09 and a beta of 0.28.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share 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 for the quarter. As a group, equities analysts predict that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Activity

In other news, Director Alex Pourbaix sold 30,186 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the sale, the director directly owned 1,455,996 shares of the company's stock, valued at approximately C$61,399,351.32. This represents a 2.03% decrease in their ownership of the stock. Also, insider John F. Soini sold 26,223 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the completion of the sale, the insider directly 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. Insiders have sold a total of 601,524 shares of company stock worth $25,546,211 over the last ninety days. Company 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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