Cenovus Energy (TSE:CVE) Price Target Raised to C$45.00

Key Points

• TD raised its price target to C$45 (from C$35), implying roughly a 26.8% upside and keeping a "buy" rating; overall analyst consensus is Buy with an average target of C$39.08 and several firms (RBC, JPM) also lifting targets.
• Shares traded at C$35.50 mid‑day with a market cap of C$66.73 billion and a P/E of 16.51; the stock's 52‑week range is C$16.02–C$38.50 and its 50/200‑day moving averages are C$32.72/C$27.31.
• Cenovus reported C$0.50 EPS for the quarter on C$10.88 billion in revenue, and an insider (John F. Soini) sold 10,275 shares in March while insiders collectively own about 32% of the company.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its target price boosted by investment analysts at TD from C$35.00 to C$45.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm presently has a "buy" rating on the stock. TD's price target would suggest a potential upside of 26.76% from the stock's previous close.

A number of other analysts have also issued reports on CVE. BMO Capital Markets decreased their target price on shares of Cenovus Energy from C$38.00 to C$35.00 and set an "outperform" rating on the stock in a research report on Friday, February 20th. Royal Bank Of Canada lifted their price target on shares of Cenovus Energy from C$32.00 to C$42.00 and gave the company an "outperform" rating in a report on Wednesday, April 8th. JPMorgan Chase & Co. lifted their price target on shares of Cenovus Energy from C$25.00 to C$41.00 in a report on Tuesday. Scotiabank lifted their price target on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the company an "outperform" rating in a report on Friday, February 20th. Finally, Veritas upgraded shares of Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday, March 10th. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cenovus Energy has a consensus rating of "Buy" and an average price target of C$39.08.

Cenovus Energy Price Performance

Shares of CVE traded up C$0.53 during mid-day trading on Thursday, reaching C$35.50. 2,908,833 shares of the company's stock were exchanged, compared to its average volume of 9,783,715. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 53.80. The company has a 50-day simple moving average of C$32.72 and a two-hundred day simple moving average of C$27.31. Cenovus Energy has a 52-week low of C$16.02 and a 52-week high of C$38.50. The company has a market cap of C$66.73 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 0.09 and a beta of 0.07.

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

Insider Transactions at Cenovus Energy

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