Cenovus Energy (TSE:CVE) Given a C$38.00 Price Target by Scotia Analysts

Key Points

• Scotia set a C$38.00 price target and a "sector outperform" rating (≈8.8% upside); multiple brokers have raised targets (RBC C$42, UBS C$41, National Bank C$57) and the consensus rating is "Buy" with an average target of C$39.00.
• CVE traded at C$34.94 (up C$0.92) and is near its 52‑week high of C$38.50; the company has a C$65.67B market cap, P/E of 16.25, and reported Q results of C$0.50 EPS on C$10.88B revenue with a 13.16% ROE.
• Insider John F. Soini sold 10,275 shares in late March (an 82.94% reduction), though corporate insiders collectively still own 32.03% of the company.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE received a C$38.00 target price from analysts at Scotia in a research note issued on Tuesday,BayStreet.CA reports. The brokerage currently has a "sector outperform" rating on the stock. Scotia's price target would indicate a potential upside of 8.76% from the stock's current price.

Other equities analysts have also recently issued research reports about the company. Royal Bank Of Canada upped their target price on Cenovus Energy from C$32.00 to C$42.00 and gave the stock an "outperform" rating in a report on Wednesday, April 8th. UBS Group increased their price target on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. The Goldman Sachs Group raised Cenovus Energy to a "strong-buy" rating in a research note on Friday, January 2nd. National Bank Financial increased their price target on Cenovus Energy from C$30.00 to C$57.00 and gave the company an "outperform" rating in a research note on Tuesday, March 31st. Finally, ATB Cormark Capital Markets increased their price target on Cenovus Energy from C$29.00 to C$34.00 in a research note on Monday, February 23rd. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of C$39.00.

Cenovus Energy Price Performance

CVE traded up C$0.92 on Tuesday, reaching C$34.94. The stock had a trading volume of 2,623,872 shares, compared to its average volume of 9,698,916. Cenovus Energy has a fifty-two week low of C$16.02 and a fifty-two week high of C$38.50. The firm has a 50-day moving average of C$33.11 and a 200-day moving average of C$27.57. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 53.80. The company has a market capitalization of C$65.67 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 0.09 and a beta of 0.07.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last issued its earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%.The business had revenue of C$10.88 billion during the quarter. As a group, sell-side analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Buying and Selling

In related news, insider John F. Soini sold 10,275 shares of the firm's stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the completion of the sale, the insider owned 2,114 shares of the company's stock, valued at C$74,264.82. This trade represents a 82.94% decrease in their ownership of the stock. 32.03% of the stock is owned by corporate insiders.

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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