National Bank Financial Issues Pessimistic Forecast for Cenovus Energy (TSE:CVE) Stock Price

Key Points

• National Bank Financial lowered Cenovus Energy’s price target from C$60 to C$57 while maintaining an “outperform” rating, implying 26.78% upside from the previous close.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating; however, the average price target is C$46.06, below the stock’s recent trading price of C$44.96 and below several individual targets.
• Cenovus shares have risen substantially within their 52-week range, while insiders sold 601,524 shares worth approximately C$25.5 million over the past 90 days.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective reduced by research analysts at National Bank Financial from C$60.00 to C$57.00 in a report released on Tuesday, BayStreet reports. The firm presently has an "outperform" rating on the stock. National Bank Financial's price target would indicate a potential upside of 26.78% from the stock's previous close.

Other research analysts have also issued reports about the stock. Gerdes Energy Research raised shares of Cenovus Energy from a "neutral" rating to a "buy" rating and boosted their target price for the company from C$42.00 to C$46.00 in a research note on Monday, June 29th. Raymond James Financial raised their price target on shares of Cenovus Energy from C$46.00 to C$51.00 and gave the company an "outperform" rating in a research note on Wednesday, September 16th. Royal Bank Of Canada boosted their price objective 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 price objective for the stock from C$51.00 to C$58.00 in a report on Tuesday, September 8th. Finally, Canadian Imperial Bank of Commerce raised their target price on Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of C$46.06.

Cenovus Energy Stock Performance

CVE traded up C$0.10 during trading on Tuesday, reaching C$44.96. 4,633,102 shares of the company were exchanged, compared to its average volume of 7,274,687. Cenovus Energy has a 52 week low of C$21.62 and a 52 week high of C$47.45. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The firm has a 50 day moving average of C$43.88 and a 200 day moving average of C$39.94. The stock has a market cap of C$82.92 billion, a P/E ratio of 12.49, a PEG ratio of 0.09 and a beta of 0.28.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last posted its earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) 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%. On average, sell-side analysts forecast that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider John F. Soini sold 26,223 shares of Cenovus Energy stock in a transaction 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 transaction, the insider directly owned 2,114 shares in the company, valued at approximately C$94,960.88. This trade represents a 92.54% decrease in their position. 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 sale, the insider directly owned 843,824 shares in the company, valued at C$36,697,905.76. This represents a 11.06% decrease in their position. Insiders sold 601,524 shares of company stock worth $25,546,211 over the last ninety days. Company 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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