Cenovus Energy (TSE:CVE) Price Target Raised to C$29.00

Key Points

• Jefferies Financial Group has raised its price target for Cenovus Energy from C$25.00 to C$29.00, suggesting a potential 25% upside based on the stock's previous close.
• Cenovus Energy's stock has received multiple upgrades, with two analysts rating it as a Strong Buy and an average price target of C$28.10.
• Insider trading activity includes significant sales, with insiders having sold over C$84 million in shares in the past three months, while company insiders own 32.03% of the company stock.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its target price lifted by equities research analysts at Jefferies Financial Group from C$25.00 to C$29.00 in a research note issued on Tuesday,BayStreet.CA reports. The firm currently has a "buy" rating on the stock. Jefferies Financial Group's target price would suggest a potential upside of 25.00% from the stock's previous close.

CVE has been the topic of a number of other research reports. National Bankshares upgraded shares of Cenovus Energy from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from C$24.00 to C$28.00 in a research note on Monday, August 25th. TD Securities increased their price objective on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Raymond James Financial lifted their target price on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. National Bank Financial raised shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. Finally, Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of C$28.10.

Cenovus Energy Stock Performance

CVE traded up C$0.36 during midday trading on Tuesday, reaching C$23.20. The company had a trading volume of 3,026,445 shares, compared to its average volume of 7,302,677. The business has a 50-day moving average of C$20.34 and a two-hundred day moving average of C$19.16. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. Cenovus Energy has a 1 year low of C$14.48 and a 1 year high of C$25.31. The company has a market cap of C$41.75 billion, a P/E ratio of 16.11, a P/E/G ratio of 0.09 and a beta of 0.73.

Insiders Place Their Bets

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the firm'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 transaction of C$48,849,820.34. In the last three months, insiders sold 4,281,552 shares of company stock worth $84,922,463. 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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