Cenovus Energy (TSE:CVE) Raised to Outperform at National Bankshares

Key Points

• Cenovus Energy was upgraded to an "outperform" rating by National Bankshares, with a new price target of C$28.00, indicating a potential upside of 21.90% from its previous close.
• Analysts from Jefferies Financial Group, Royal Bank of Canada, and Raymond James have also raised their price targets for Cenovus Energy, reflecting positive sentiment towards the stock.
• Insiders have sold a significant amount of shares recently, totaling over 4.2 million shares in the past ninety days, while corporate insiders currently own 32.03% of the stock.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE was upgraded by analysts at National Bankshares from a "sector perform" rating to an "outperform" rating in a report released on Monday,BayStreet.CA reports. The firm currently has a C$28.00 price target on the stock, up from their previous price target of C$24.00. National Bankshares' price objective would suggest a potential upside of 21.90% from the company's previous close.

A number of other equities analysts have also recently issued reports on the stock. Jefferies Financial Group raised their price objective on shares of Cenovus Energy from C$24.00 to C$25.00 in a research note on Monday, August 18th. Royal Bank Of Canada lifted their price target on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Desjardins boosted their price objective on shares of Cenovus Energy from C$27.00 to C$27.50 and gave the company a "buy" rating in a research report on Friday, August 1st. Raymond James Financial raised their price objective on Cenovus Energy from C$29.00 to C$30.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, TD Securities upped their target price 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. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of C$27.70.

Cenovus Energy Price Performance

TSE:CVE traded up C$0.29 during mid-day trading on Monday, hitting C$22.97. The company's stock had a trading volume of 4,989,307 shares, compared to its average volume of 7,165,761. The company has a market capitalization of C$41.84 billion, a price-to-earnings ratio of 11.32, a P/E/G ratio of 0.09 and a beta of 2.63. The stock has a fifty day moving average of C$19.96 and a 200-day moving average of C$19.10. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. Cenovus Energy has a fifty-two week low of C$14.48 and a fifty-two week high of C$26.47.

Insider Buying and Selling

In other news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the 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. Over the last ninety days, insiders have sold 4,281,552 shares of company stock valued at $84,922,463. 32.03% of the stock is owned by corporate 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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