Raymond James Financial Issues Positive Forecast for Cenovus Energy (TSE:CVE) Stock Price

Key Points

• Raymond James raised its price target for Cenovus Energy from C$51.00 to C$53.00 and maintained an “outperform” rating, implying 17.88% upside from the prior close.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of C$46.06; JPMorgan Chase set the highest cited target at C$58.00.
• Cenovus shares traded at C$44.96, near their 52-week high, while the company reported C$1.53 quarterly EPS and C$17.43 billion in revenue. Insiders sold 601,524 shares worth approximately C$25.5 million over the prior three months.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective lifted by stock analysts at Raymond James Financial from C$51.00 to C$53.00 in a research note issued on Tuesday, BayStreet reports. The brokerage currently has an "outperform" rating on the stock. Raymond James Financial's price objective would indicate a potential upside of 17.88% from the company's previous close.

Other equities analysts have also recently issued reports about the company. Scotiabank lifted their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the stock a "sector outperform" rating in a report on Thursday, July 30th. ATB Cormark Capital Markets upped their target price on Cenovus Energy from C$42.50 to C$49.00 and gave the company an "outperform" rating in a report on Tuesday. Canadian Imperial Bank of Commerce lifted their price target on Cenovus Energy from C$48.00 to C$52.00 in a research note on Thursday, August 27th. TD boosted their price objective on shares of Cenovus Energy from C$46.00 to C$49.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Finally, JPMorgan Chase & Co. upgraded shares of Cenovus Energy from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of C$46.06.

Cenovus Energy Price Performance

CVE traded up C$0.10 on Tuesday, hitting 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 fifty-two week low of C$21.62 and a fifty-two week high of C$47.45. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The firm has a market capitalization of C$82.92 billion, a P/E ratio of 12.49, a price-to-earnings-growth ratio of 0.09 and a beta of 0.28. The business's fifty day moving average is C$43.88 and its 200 day moving average is C$39.94.

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

Insider Transactions at Cenovus Energy

In related news, insider John F. Soini sold 26,223 shares of the 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 sale, the insider owned 2,114 shares of the company's stock, valued at C$94,960.88. This trade represents a 92.54% decrease in their ownership of the stock. Also, Director Alex Pourbaix sold 432,731 shares of Cenovus Energy stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of C$42.05, for a total value 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 position. Insiders sold a total of 601,524 shares of company stock valued at $25,546,211 over the last three months. 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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