Cenovus Energy (TSE:CVE) PT Set at C$60.00 by National Bank Financial

Key Points

• National Bank Financial set a C$60.00 price target on Cenovus Energy and maintained an “outperform” rating, implying 38.28% upside from the reported price of C$43.39.
• Analyst sentiment remains positive, with Cenovus holding a consensus “Buy” rating and an average target price of C$43.93; several firms recently raised their targets.
• The stock fell 2.6% in Tuesday trading, while insiders sold approximately C$28.3 million worth of shares over the past 90 days.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE has been assigned a C$60.00 price target by stock analysts at National Bank Financial in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. National Bank Financial's price objective points to a potential upside of 38.28% from the company's current price.

CVE has been the topic of several other research reports. Gerdes Energy Research upgraded Cenovus Energy from a "neutral" rating to a "buy" rating and raised their target price for the company from C$42.00 to C$46.00 in a research report on Monday, June 29th. Desjardins set a C$50.00 price objective on Cenovus Energy and gave the company a "buy" rating in a research note on Friday, July 17th. 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 report on Thursday, July 30th. Scotiabank upped their target price on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the stock a "sector outperform" rating in a report on Thursday, July 30th. Finally, Raymond James Financial increased their target price on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the company an "outperform" rating in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of C$43.93.

Cenovus Energy Stock Down 2.6%

Cenovus Energy stock traded down C$1.18 during mid-day trading on Tuesday, hitting C$43.39. The company's stock had a trading volume of 3,363,879 shares, compared to its average volume of 7,572,393. The firm's 50 day moving average is C$39.27 and its 200 day moving average is C$36.86. Cenovus Energy has a 52-week low of C$21.62 and a 52-week high of C$45.94. The company has a market cap of C$80.02 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 0.09 and a beta of 0.16. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its quarterly 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 during the quarter. On average, analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insider Transactions at Cenovus Energy

In related news, Director Alex Pourbaix sold 30,186 shares of the company's stock in a transaction that occurred 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 transaction, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,399,351.32. This represents a 2.03% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the firm's stock in a transaction on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the sale, the insider directly owned 843,824 shares of the company's stock, valued at approximately C$36,697,905.76. This trade represents a 11.06% decrease in their position. Insiders sold 670,911 shares of company stock worth $28,287,691 in the last 90 days. 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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