Cenovus Energy (TSE:CVE) Price Target Raised 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 target price increased by Raymond James Financial from C$29.00 to C$30.00 in a report issued on Friday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's price target indicates a potential upside of 45.84% from the stock's current price.

CVE has been the topic of several other research 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 note on Tuesday, April 15th. Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. TD Securities lifted their price objective on Cenovus Energy from C$25.00 to C$26.00 and gave the stock a "buy" rating in a report on Friday, May 9th. CIBC reduced their price objective on Cenovus Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. Finally, JPMorgan Chase & Co. dropped their target price on 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. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of C$27.72.

Cenovus Energy Stock Down 2.5%

Shares of CVE traded down C$0.52 during trading hours on Friday, hitting C$20.57. The company had a trading volume of 5,140,907 shares, compared to its average volume of 7,018,680. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The stock has a market capitalization of C$37.47 billion, a price-to-earnings ratio of 10.14, a P/E/G ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 52-week low of C$14.48 and a 52-week high of C$27.44. The firm has a fifty day moving average price of C$19.34 and a 200-day moving average price of C$19.21.

Insider Activity

In other Cenovus Energy news, Senior Officer Jonathan Michael Mckenzie acquired 50,000 shares of the stock in a transaction on Tuesday, May 20th. The stock was acquired at an average price of C$18.49 per share, for a total transaction of C$924,500.00. Also, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the business'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 value of C$48,849,820.34. Insiders have sold a total of 4,358,981 shares of company stock valued at $86,440,451 in the last three months. 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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