ATB Capital Increases Cenovus Energy (TSE:CVE) Price Target to C$28.00

Key Points

• ATB Capital has raised its price target for Cenovus Energy from C$25.00 to C$28.00, indicating a potential upside of 21.90% from the stock's previous close and maintaining an "outperform" rating.
• Other analysts including National Bankshares and Desjardins have also upgraded their ratings and target prices, with a consensus rating of "Moderate Buy" and an average price target of C$27.70.
• Cenovus's stock recently traded at C$22.97, reflecting a 1.3% increase during trading, while insiders sold a significant amount of shares, amounting to over C$84 million in the last quarter.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its target price upped by research analysts at ATB Capital from C$25.00 to C$28.00 in a note issued to investors on Monday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. ATB Capital's target price points to a potential upside of 21.90% from the stock's previous close.

CVE has been the topic of a number of other reports. National Bankshares upgraded shares of Cenovus Energy from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from C$24.00 to C$28.00 in a report on Monday. Desjardins boosted their target price on shares of Cenovus Energy from C$27.00 to C$27.50 and gave the stock a "buy" rating in a report on Friday, August 1st. TD Securities boosted their target price on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Veritas downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Raymond James Financial raised their price target on Cenovus Energy from C$29.00 to C$30.00 and gave the company an "outperform" rating in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of C$27.70.

Cenovus Energy Stock Up 1.3%

Shares of CVE traded up C$0.29 during mid-day trading on Monday, hitting C$22.97. 4,989,307 shares of the company's stock were exchanged, compared to its average volume of 7,165,761. The company has a market cap of C$41.84 billion, a PE ratio of 11.32, a P/E/G ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 52 week low of C$14.48 and a 52 week high of C$26.47. The company has a 50-day simple moving average of C$19.96 and a 200 day simple moving average of C$19.10. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of C$20.03, for a total value of C$48,849,820.34. Insiders sold 4,281,552 shares of company stock valued at $84,922,463 over the last quarter. 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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