Cenovus Energy (TSE:CVE) Stock Price Target Raised at National Bank Financial

Key Points

• National Bank Financial raised Cenovus Energy’s price target to C$58 from C$57 while maintaining an “outperform” rating, implying roughly 25% upside from the reported trading price.
• Analyst sentiment is broadly positive: Cenovus has a consensus “Buy” rating, supported by multiple brokerages that recently increased their targets or upgraded the stock.
• Cenovus shares traded at C$46.42, near their 12-month high, while the company reported C$1.53 in quarterly EPS and C$17.43 billion in revenue; insiders sold approximately 601,524 shares worth $25.5 million during the last quarter.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its target price raised by stock analysts at National Bank Financial from C$57.00 to C$58.00 in a research report issued to clients and investors on Tuesday, BayStreet reports. The firm currently has an "outperform" rating on the stock. National Bank Financial's price target suggests a potential upside of 24.95% from the company's current price.

Several other brokerages have also weighed in on CVE. JPMorgan Chase & Co. raised Cenovus Energy from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from C$51.00 to C$58.00 in a report on Tuesday, September 8th. Raymond James Financial boosted their price objective on Cenovus Energy from C$51.00 to C$53.00 and gave the company an "outperform" rating in a research report on Tuesday, October 6th. Canadian Imperial Bank of Commerce upped their target price on Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. Gerdes Energy Research raised Cenovus Energy from a "neutral" rating to a "buy" rating and raised their target price for the stock from C$42.00 to C$46.00 in a research report on Monday, June 29th. Finally, ATB Cormark Capital Markets raised their target price on Cenovus Energy from C$42.50 to C$49.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of C$46.38.

Cenovus Energy Stock Performance

CVE stock traded down C$0.51 during trading on Tuesday, reaching C$46.42. 3,312,241 shares of the stock were exchanged, compared to its average volume of 7,211,340. Cenovus Energy has a twelve month low of C$21.62 and a twelve month high of C$47.46. The company has a market capitalization of C$85.61 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 0.09 and a beta of 0.28. The stock has a 50 day simple moving average of C$44.84 and a 200-day simple moving average of C$40.65. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last posted its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The firm had revenue of C$17.43 billion during 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 anticipate that Cenovus Energy will post 2.26 earnings per share for the current year.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider John F. Soini sold 26,223 shares of the business's stock in a transaction on 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 owned 2,114 shares of the company's stock, valued at approximately C$94,960.88. The trade was a 92.54% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the business'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 completion of the transaction, the insider directly owned 843,824 shares in the company, valued at approximately C$36,697,905.76. This represents a 11.06% decrease in their position. In the last quarter, insiders sold 601,524 shares of company stock worth $25,546,211. 32.03% of the stock is currently 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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