Cenovus Energy (TSE:CVE) Price Target Raised to C$55.00

Key Points

• ATB Cormark raised Cenovus Energy’s price target to C$55 from C$49 and maintained an “outperform” rating, implying 22.55% upside from the previous close.
• Analyst sentiment remains broadly positive: MarketBeat reports an average rating of “Buy,” although the consensus price target is lower at C$46.75. Other brokerages recently raised their targets, while UBS downgraded the stock to “hold.”
• Cenovus shares fell 3.6% to C$44.88 during Thursday trading. The company recently reported C$1.53 in quarterly EPS on C$17.43 billion in revenue, while insiders have sold approximately C$25.5 million worth of stock over the past 90 days.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective raised by analysts at ATB Cormark Capital Markets from C$49.00 to C$55.00 in a research report issued to clients and investors on Thursday, BayStreet reports. The brokerage currently has an "outperform" rating on the stock. ATB Cormark Capital Markets's price objective suggests a potential upside of 22.55% from the stock's previous close.

A number of other brokerages have also recently weighed in on CVE. Canadian Imperial Bank of Commerce boosted their price target on Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. UBS Group lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 2nd. Royal Bank Of Canada raised their price objective on 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 boosted their target price on Cenovus Energy from C$57.00 to C$58.00 and gave the stock an "outperform" rating in a report on Tuesday. Finally, Desjardins boosted their target price on Cenovus Energy from C$52.00 to C$53.00 and gave the stock a "buy" rating in a report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of C$46.75.

Cenovus Energy Stock Down 3.6%

Shares of CVE traded down C$1.66 during mid-day trading on Thursday, hitting C$44.88. 6,842,572 shares of the company's stock were exchanged, compared to its average volume of 7,209,701. The stock has a market cap of C$82.77 billion, a price-to-earnings ratio of 12.47, a P/E/G ratio of 0.09 and a beta of 0.28. The firm has a fifty day moving average of C$45.03 and a two-hundred day moving average of C$40.79. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 34.01. Cenovus Energy has a twelve month low of C$21.62 and a twelve month high of C$47.46.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The business had revenue of C$17.43 billion during the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. On average, sell-side analysts forecast that Cenovus Energy will post 2.26 earnings per share for the current year.

Insider Activity

In other news, Director Alex Pourbaix sold 30,186 shares of Cenovus Energy stock in a transaction dated 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 transaction, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,399,351.32. The trade was a 2.03% 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 stock was sold at an average price of C$44.92, for a total value of C$1,177,937.16. Following the transaction, the insider directly owned 2,114 shares of the company's stock, valued at C$94,960.88. This represents a 92.54% decrease in their position. Over the last ninety days, insiders have sold 601,524 shares of company stock valued at $25,546,211. 32.03% of the stock is owned by insiders.

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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