Cenovus Energy (TSE:CVE) Stock Price Expected to Rise, Canadian Imperial Bank of Commerce Analyst Says

Key Points

• Canadian Imperial Bank of Commerce raised Cenovus Energy’s price target to C$52 from C$48, implying 18.13% upside. Analysts broadly rate the stock “Buy,” with a consensus target of C$44.44.
• Cenovus shares rose 0.8% to C$44.02, near their 52-week high of C$45.94. The company reported quarterly earnings of C$1.53 per share and revenue of C$17.43 billion.
• Insiders have sold 601,524 shares valued at approximately C$25.5 million over the past 90 days, including significant sales by director Alex Pourbaix and insider John F. Soini.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price target raised by stock analysts at Canadian Imperial Bank of Commerce from C$48.00 to C$52.00 in a research note issued to investors on Thursday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's target price indicates a potential upside of 18.13% from the company's current price.

Other equities analysts have also issued reports about the company. Scotia raised their target price on Cenovus Energy from C$38.00 to C$44.00 and gave the company a "sector outperform" rating in a report on Thursday, May 7th. Raymond James Financial increased their price target on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the company an "outperform" rating in a report on Thursday, July 30th. National Bank Financial set a C$60.00 price objective on Cenovus Energy and gave the stock an "outperform" rating in a report on Tuesday. Gerdes Energy Research raised shares of Cenovus Energy from a "neutral" rating to a "buy" rating and upped their target price for the company from C$42.00 to C$46.00 in a research note on Monday, June 29th. Finally, Desjardins set a C$50.00 target price on Cenovus Energy and gave the stock a "buy" rating in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Cenovus Energy currently has an average rating of "Buy" and a consensus price target of C$44.44.

Cenovus Energy Stock Up 0.8%

Shares of Cenovus Energy stock traded up C$0.35 during midday trading on Thursday, hitting C$44.02. The company's stock had a trading volume of 2,279,583 shares, compared to its average volume of 7,578,764. Cenovus Energy has a 1-year low of C$21.62 and a 1-year high of C$45.94. The firm has a market capitalization of C$81.18 billion, a P/E ratio of 12.23, a PEG ratio of 0.09 and a beta of 0.16. 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 stock has a 50-day simple moving average of C$39.55 and a 200-day simple moving average of C$37.08.

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. The company had revenue of C$17.43 billion for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. As a group, sell-side analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Alex Pourbaix sold 30,186 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total transaction 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 John F. Soini sold 26,223 shares of the stock in a transaction that occurred on 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 sale, the insider directly owned 2,114 shares in the company, valued at C$94,960.88. This trade represents a 92.54% decrease in their ownership of the stock. Insiders have sold a total of 601,524 shares of company stock valued at $25,546,211 in the last 90 days. 32.03% of the stock is currently owned by insiders.

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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