Cenovus Energy (TSE:CVE) Stock Price Target Raised at TD

Key Points

• TD raised its Cenovus Energy price target to C$56 from C$55 and maintained a Buy rating, implying 42.75% upside from the share price at the time of the report.
• Analyst sentiment is broadly positive: MarketBeat reports a consensus Buy rating and average target of C$47.12, though targets vary, including JPMorgan’s C$58 target and UBS’s Hold rating.
• Cenovus shares fell 1.1% to C$39.23 during Thursday trading. The company recently reported quarterly EPS of C$1.83 and revenue of C$15.98 billion.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price target increased by equities researchers at TD from C$55.00 to C$56.00 in a research note issued on Thursday, BayStreet reports. The firm presently has a "buy" rating on the stock. TD's target price would suggest a potential upside of 42.75% from the stock's current price.

A number of other equities analysts have also weighed in on the stock. ATB Cormark Capital Markets lifted their price target on shares of Cenovus Energy from C$49.00 to C$55.00 and gave the company an "outperform" rating in a report on Thursday, October 22nd. UBS Group downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 2nd. Royal Bank Of Canada increased 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. JPMorgan Chase & Co. raised Cenovus Energy from a "neutral" rating to an "overweight" rating and increased their target price for the stock from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. Finally, Desjardins lifted their target price on Cenovus Energy from C$52.00 to C$53.00 and gave the company a "buy" rating in a report on Tuesday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of C$47.12.

Cenovus Energy Trading Down 1.1%

Shares of CVE traded down C$0.43 during mid-day trading on Thursday, hitting C$39.23. The company had a trading volume of 5,633,488 shares, compared to its average volume of 7,176,049. The business's 50-day simple moving average is C$45.05 and its 200-day simple moving average is C$38.32. 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 1-year low of C$21.62 and a 1-year high of C$47.46. The stock has a market cap of C$72.35 billion, a PE ratio of 10.90, a P/E/G ratio of 0.09 and a beta of 0.16.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last issued its quarterly earnings results on Wednesday, November 4th. The company reported C$1.83 EPS 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$15.98 billion during the quarter. Sell-side analysts forecast 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 Jonathan Michael Mckenzie sold 104,974 shares of Cenovus Energy stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the transaction, the insider directly owned 843,824 shares of the company's stock, valued at C$36,697,905.76. The trade was a 11.06% decrease in their ownership of the stock. Also, Director Alex Pourbaix sold 432,731 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of C$42.05, for a total transaction of C$18,196,338.55. Following the sale, the director owned 1,455,996 shares of the company's stock, valued at approximately C$61,224,631.80. This represents a 22.91% decrease in their ownership of the stock. Insiders have sold a total of 601,524 shares of company stock valued at $25,546,211 over the last ninety days. Corporate insiders own 32.03% of the company's stock.

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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