Cenovus Energy (TSE:CVE) Given New C$46.00 Price Target at Raymond James Financial

Key Points

• Raymond James raised Cenovus Energy’s price target to C$46 from C$41 while maintaining an “outperform” rating, implying approximately 9.92% upside from the prior close.
• Analyst sentiment remains positive: Cenovus has an average “Buy” rating and a consensus target of C$43.73, with targets from other firms ranging as high as C$50.
• Cenovus reported quarterly EPS of C$1.53 on C$17.43 billion in revenue, while shares recently traded at C$41.85; insiders have sold roughly 225,897 shares worth C$8.99 million over the past three months.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its target price raised by analysts at Raymond James Financial from C$41.00 to C$46.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's target price would suggest a potential upside of 9.92% from the company's previous close.

CVE has been the subject of several other research reports. TD lifted their target price on shares of Cenovus Energy from C$45.00 to C$46.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Scotiabank upgraded shares of Cenovus Energy to a "strong-buy" rating in a research note on Friday, June 26th. JPMorgan Chase & Co. cut their price objective on shares of Cenovus Energy from C$47.00 to C$45.00 in a report on Thursday, July 9th. Gerdes Energy Research upgraded shares of Cenovus Energy from a "neutral" rating to a "buy" rating and lifted their price objective for the company from C$42.00 to C$46.00 in a research note on Monday, June 29th. Finally, Desjardins set a C$50.00 target price on shares of Cenovus Energy and gave the company a "buy" rating in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Cenovus Energy has an average rating of "Buy" and an average target price of C$43.73.

Cenovus Energy Stock Performance

Shares of CVE stock traded up C$1.02 on Thursday, hitting C$41.85. 2,223,963 shares of the stock were exchanged, compared to its average volume of 7,872,472. The firm's 50 day moving average is C$38.28 and its two-hundred day moving average is C$34.71. Cenovus Energy has a one year low of C$19.97 and a one year high of C$44.13. The firm has a market capitalization of C$78.04 billion, a PE ratio of 16.67, a P/E/G ratio of 0.09 and a beta of 0.17. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last announced its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The business had revenue of C$17.43 billion for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%. Sell-side analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Insider Transactions at Cenovus Energy

In other news, insider Jonathan Michael Mckenzie sold 69,387 shares of the firm's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the completion of the transaction, the insider directly owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. This trade represents a 5.72% decrease in their ownership of the stock. Also, insider Susan Mary Anderson-Olney sold 19,379 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of C$41.84, for a total transaction of C$810,817.36. Following the completion of the transaction, the insider owned 33,275 shares of the company's stock, valued at C$1,392,226. This trade represents a 36.80% decrease in their ownership of the stock. Over the last three months, insiders sold 225,897 shares of company stock worth $8,990,614. Insiders own 32.03% of the company's stock.

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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