Cenovus Energy (TSE:CVE) Price Target Raised to C$41.00

Key Points

• JPMorgan Chase & Co. raised its price target on Cenovus from C$25.00 to C$41.00, implying roughly a 16.15% upside from the prior close.
• Analyst consensus remains positive with an average rating of Buy, a consensus price target of C$38.58, and a breakdown of 3 Strong Buy, 8 Buy and 2 Hold ratings.
• CVE recently traded at C$35.30, has a market cap of C$66.35B and a P/E of 16.42; the company reported C$0.50 EPS last quarter and analysts expect about 2.26 EPS for the current fiscal year.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price target increased by equities research analysts at JPMorgan Chase & Co. from C$25.00 to C$41.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. JPMorgan Chase & Co.'s target price would indicate a potential upside of 16.15% from the company's previous close.

Several other research firms also recently commented on CVE. Gerdes Energy Research downgraded Cenovus Energy from a "buy" rating to a "neutral" rating in a report on Friday, March 20th. BMO Capital Markets decreased their price objective on Cenovus Energy from C$38.00 to C$35.00 and set an "outperform" rating on the stock in a report on Friday, February 20th. Scotiabank lifted their price objective on Cenovus Energy from C$30.00 to C$34.00 and gave the stock an "outperform" rating in a report on Friday, February 20th. National Bank Financial lifted their price objective on Cenovus Energy from C$30.00 to C$57.00 and gave the stock an "outperform" rating in a report on Tuesday, March 31st. Finally, TD Securities lifted their price objective on Cenovus Energy from C$28.00 to C$35.00 and gave the stock a "buy" rating in a report on Friday, February 20th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of C$38.58.

Cenovus Energy Price Performance

TSE CVE traded down C$0.99 during trading hours on Tuesday, reaching C$35.30. 3,687,819 shares of the stock traded hands, compared to its average volume of 9,907,350. The stock has a 50 day simple moving average of C$32.41 and a two-hundred day simple moving average of C$27.19. Cenovus Energy has a 1 year low of C$15.75 and a 1 year high of C$38.50. The company has a debt-to-equity ratio of 53.80, a current ratio of 1.57 and a quick ratio of 1.00. The company has a market cap of C$66.35 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 0.09 and a beta of 0.07.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its quarterly earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share for the quarter. The business had revenue of C$10.88 billion for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%. On average, analysts predict that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Activity

In related news, insider John F. Soini sold 10,275 shares of the firm's stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the sale, the insider directly owned 2,114 shares of the company's stock, valued at C$74,264.82. This trade represents a 82.94% decrease in their ownership of the stock. 32.03% of the stock is owned by insiders.

About Cenovus Energy

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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