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

Key Points

• Scotiabank has raised its price target for Cenovus Energy from C$27.00 to C$29.00, indicating a potential upside of 19.24% from the current stock price.
• Multiple analysts have upgraded their ratings on Cenovus Energy, with two labelings it as a Strong Buy and a consensus price target of C$28.18.
• The stock experienced a slight increase during trading hours, reaching C$24.32, while the company has a market capitalization of C$43.25 billion.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective raised by equities researchers at Scotiabank from C$27.00 to C$29.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. Scotiabank's target price points to a potential upside of 19.24% from the stock's current price.

Other equities analysts have also recently issued reports about the company. Desjardins boosted their target price on Cenovus Energy from C$27.50 to C$29.00 in a research report on Monday, August 25th. Royal Bank Of Canada raised their target price on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company 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 report on Friday, August 22nd. JPMorgan Chase & Co. decreased their price objective on Cenovus Energy from C$32.00 to C$29.00 and set an "overweight" rating on the stock in a report on Thursday, September 11th. Finally, Raymond James Financial upgraded shares of Cenovus Energy from an "outperform" rating to a "strong-buy" rating and increased their price target for the company from C$30.00 to C$32.00 in a research report on Thursday, October 9th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Cenovus Energy presently has a consensus rating of "Buy" and a consensus price target of C$28.18.

Cenovus Energy Price Performance

Shares of CVE stock traded up C$0.07 during trading hours on Tuesday, reaching C$24.32. The stock had a trading volume of 3,707,654 shares, compared to its average volume of 7,988,937. The stock's fifty day simple moving average is C$22.83 and its 200 day simple moving average is C$19.99. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. Cenovus Energy has a 12 month low of C$14.48 and a 12 month high of C$25.97. The firm has a market capitalization of C$43.25 billion, a PE ratio of 16.89, a PEG ratio of 0.09 and a beta of 0.66.

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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