Desjardins Forecasts Strong Price Appreciation for Cenovus Energy (TSE:CVE) Stock

Key Points

• Desjardins raised Cenovus Energy’s price target from C$52 to C$53 and maintained a “buy” rating, implying 14.17% upside from the prior close. Analysts overall hold a consensus “Buy” rating with an average target of C$46.38.
• Cenovus shares fell 1.1% to C$46.42, while the company reported C$1.53 in quarterly EPS, C$17.43 billion in revenue, a 12.37% net margin, and a 21.02% return on equity.
• Company insiders sold a combined 601,524 shares worth approximately C$25.5 million during the quarter, including substantial reductions in holdings by two insiders.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective upped by Desjardins from C$52.00 to C$53.00 in a research report issued to clients and investors on Tuesday, BayStreet reports. The firm presently has a "buy" rating on the stock. Desjardins' target price would indicate a potential upside of 14.17% from the company's previous close.

Several other equities research analysts have also recently issued reports on the stock. TD lifted their price objective on shares of Cenovus Energy from C$49.00 to C$50.00 and gave the stock a "buy" rating in a research report on Tuesday, October 13th. ATB Cormark Capital Markets boosted their target price on shares of Cenovus Energy from C$42.50 to C$49.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 6th. JPMorgan Chase & Co. raised Cenovus Energy from a "neutral" rating to an "overweight" rating and increased their target price for the company from C$51.00 to C$58.00 in a report on Tuesday, September 8th. Royal Bank Of Canada increased their target price 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. Finally, Canadian Imperial Bank of Commerce raised their price target on Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Cenovus Energy has a consensus rating of "Buy" and an average target price of C$46.38.

Cenovus Energy Stock Down 1.1%

Cenovus Energy stock traded down C$0.51 during trading on Tuesday, reaching C$46.42. The stock had a trading volume of 3,312,241 shares, compared to its average volume of 7,211,340. Cenovus Energy has a 52-week low of C$21.62 and a 52-week high of C$47.46. The business has a 50 day moving average price of C$44.84 and a 200 day moving average price of C$40.65. 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 market cap of C$85.61 billion, a PE ratio of 12.89, a P/E/G ratio of 0.09 and a beta of 0.28.

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. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. The company had revenue of C$17.43 billion during the quarter. On average, analysts predict that Cenovus Energy will post 2.26 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jonathan Michael Mckenzie sold 104,974 shares of the business's 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 completion of the sale, the insider owned 843,824 shares in the company, valued at approximately C$36,697,905.76. The trade was a 11.06% decrease in their position. Also, insider John F. Soini sold 26,223 shares of the business's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the sale, the insider 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 quarter, insiders have sold 601,524 shares of company stock valued at $25,546,211. 32.03% of the stock is owned by corporate 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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