Cenovus Energy (TSE:CVE) Price Target Raised to C$51.00

Key Points

• Scotiabank raised Cenovus Energy’s price target to C$51 from C$49 and maintained a “sector outperform” rating, implying 21.86% potential upside.
• Analyst sentiment remains broadly positive: Cenovus has an average “Buy” rating and a consensus price target of C$43.73, with recent targets from TD, Raymond James, and RBC also increased.
• The stock traded at C$41.85, near its 52-week high of C$44.13, while the company reported quarterly EPS of C$1.53 on C$17.43 billion in revenue. Insiders have sold approximately C$8.99 million of shares over the past 90 days.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective upped by research analysts at Scotiabank from C$49.00 to C$51.00 in a research note issued on Thursday,BayStreet.CA reports. The brokerage currently has a "sector outperform" rating on the stock. Scotiabank's price target points to a potential upside of 21.86% from the stock's current price.

A number of other equities analysts have also issued reports on the stock. TD upped their target price on shares of Cenovus Energy from C$45.00 to C$46.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Scotia boosted their price objective on shares of Cenovus Energy from C$38.00 to C$44.00 and gave the stock a "sector outperform" rating in a research report on Thursday, May 7th. Raymond James Financial boosted their price objective on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the stock an "outperform" rating in a research report on Thursday. Royal Bank Of Canada increased their price objective on Cenovus Energy from C$47.00 to C$51.00 and gave the company an "outperform" rating in a research report on Thursday. Finally, JPMorgan Chase & Co. lowered their target price on Cenovus Energy from C$47.00 to C$45.00 in a research note on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Cenovus Energy has an average rating of "Buy" and an average target price of C$43.73.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock traded up C$1.02 during trading on Thursday, reaching C$41.85. The company's stock had a trading volume of 2,223,963 shares, compared to its average volume of 7,872,472. The stock has a 50-day moving average price of C$38.28 and a two-hundred day moving average price of C$34.71. The stock has a market capitalization of C$78.04 billion, a P/E ratio of 16.67, a price-to-earnings-growth ratio of 0.09 and a beta of 0.17. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29. Cenovus Energy has a one year low of C$19.97 and a one year high of C$44.13.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last issued its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The firm had revenue of C$17.43 billion for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. As a group, sell-side analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Activity

In other news, insider Jonathan Michael Mckenzie sold 69,387 shares of the business's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total transaction of C$2,741,480.37. Following the completion of the transaction, the insider directly owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. The trade was a 5.72% decrease in their position. Also, insider Susan Mary Anderson-Olney sold 37,072 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the completion of the sale, the insider directly owned 33,275 shares of the company's stock, valued at approximately C$1,326,008.75. This trade represents a 52.70% decrease in their ownership of the stock. Insiders have sold a total of 225,897 shares of company stock valued at $8,990,614 over the last 90 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.

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