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

Key Points

• Cenovus Energy's target price has been raised to C$29.00 by National Bankshares, indicating a potential upside of 23.46% from its current stock price.
• Analysts have shown a positive trend for Cenovus Energy, with ratings including two "Strong Buy", nine "Buy", and one "Hold", resulting in a consensus rating of "Buy".
• During midday trading, Cenovus Energy's stock increased, reaching C$23.49, with a market capitalization of C$42.28 billion.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its target price increased by equities research analysts at National Bankshares from C$28.00 to C$29.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the stock. National Bankshares' target price points to a potential upside of 23.46% from the stock's current price.

A number of other analysts have also weighed in on the stock. Raymond James Financial increased their price objective on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. National Bank Financial upgraded shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. Veritas lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Desjardins increased their price target on shares of Cenovus Energy from C$27.50 to C$29.00 in a report on Monday, August 25th. Finally, ATB Capital increased their price target on shares of Cenovus Energy from C$25.00 to C$28.00 and gave the stock an "outperform" rating in a report on Monday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of C$28.20.

Cenovus Energy Stock Performance

Shares of TSE:CVE traded up C$0.92 during midday trading on Wednesday, reaching C$23.49. The company's stock had a trading volume of 5,661,346 shares, compared to its average volume of 7,378,482. The firm has a market capitalization of C$42.28 billion, a PE ratio of 16.31, a P/E/G ratio of 0.09 and a beta of 0.78. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$25.31. The stock has a fifty day moving average of C$20.82 and a 200 day moving average of C$19.22. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59.

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 stock in a transaction on Friday, June 13th. The shares were sold at an average price of C$20.03, for a total transaction of C$48,849,820.34. 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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