Raymond James Financial Raises Cenovus Energy (TSE:CVE) Price Target to C$30.00

Key Points

• Raymond James Financial raised the price target for Cenovus Energy from C$29.00 to C$30.00, indicating a potential upside of 45.84% from the current price.
• The stock is currently rated as "outperform" by Raymond James, with an average rating of "Moderate Buy" and a target price of C$27.72 from multiple analysts.
• Cenovus Energy shares fell by 2.5% during trading, reflecting recent fluctuations in the market with a closing price of C$20.57.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective increased by equities researchers at Raymond James Financial from C$29.00 to C$30.00 in a research report issued on Friday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. Raymond James Financial's target price suggests a potential upside of 45.21% from the stock's previous close. Raymond James Financial also issued estimates for Cenovus Energy's FY2029 earnings at $2.88 EPS.

CVE has been the topic of several other reports. Desjardins lowered their target price on shares of Cenovus Energy from C$24.50 to C$22.50 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their target price on shares of Cenovus Energy from C$34.00 to C$32.00 and set an "overweight" rating on the stock in a research report on Friday, April 11th. Veritas lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. CIBC lowered their target price on shares of Cenovus Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. Finally, TD Securities upped their price target on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company a "buy" rating in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of C$27.72.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock traded up C$0.23 on Friday, reaching C$20.66. 2,488,300 shares of the stock were exchanged, compared to its average volume of 7,002,945. Cenovus Energy has a 1-year low of C$14.48 and a 1-year high of C$27.44. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The business has a fifty day moving average price of C$19.38 and a two-hundred day moving average price of C$19.17. The firm has a market capitalization of C$37.63 billion, a PE ratio of 10.18, a PEG ratio of 0.09 and a beta of 2.63.

Insider Activity

In other news, Senior Officer Jonathan Michael Mckenzie purchased 50,000 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was acquired at an average cost of C$18.49 per share, with a total value of C$924,500.00. Also, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the firm's 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. Insiders sold a total of 4,358,981 shares of company stock worth $86,440,451 over the last ninety days. Corporate 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.