Cenovus Energy (TSE:CVE) Stock Price Expected to Rise, Desjardins Analyst Says

Key Points

• Desjardins has increased its price target for Cenovus Energy from C$27.00 to C$27.50, suggesting a potential upside of 33.69% from the previous close, while maintaining a "buy" rating.
• Despite this optimistic outlook from some analysts, shares of Cenovus Energy saw a 2.5% decline in trading, reaching C$20.57.
• Overall, the stock has received a mix of ratings, with seven analysts issuing a buy rating and three having a hold rating, alongside an average price target of C$27.72.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price target lifted by Desjardins from C$27.00 to C$27.50 in a report issued on Friday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the stock. Desjardins' price target indicates a potential upside of 33.69% from the company's previous close.

Other analysts also recently issued research reports about the stock. CIBC reduced their price target on shares of Cenovus Energy from C$32.00 to C$28.00 in a report on Thursday, April 10th. JPMorgan Chase & Co. reduced their price objective on Cenovus Energy from C$34.00 to C$32.00 and set an "overweight" rating for the company in a research report on Friday, April 11th. TD Securities increased their price objective on Cenovus Energy from C$25.00 to C$26.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Veritas cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Finally, Raymond James Financial increased their target price on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company an "outperform" rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of C$27.72.

Cenovus Energy Stock Down 2.5%

Shares of TSE CVE traded down C$0.52 during mid-day trading on Friday, reaching 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 current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The stock has a market cap of C$37.47 billion, a P/E ratio of 10.14, a PEG ratio of 0.09 and a beta of 2.63. The firm has a 50 day simple moving average of C$19.34 and a two-hundred day simple moving average of C$19.21. Cenovus Energy has a 52-week low of C$14.48 and a 52-week high of C$27.44.

Insider Activity at Cenovus Energy

In other news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of Cenovus Energy stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of C$20.03, for a total value of C$48,849,820.34. Also, Senior Officer Jonathan Michael Mckenzie purchased 50,000 shares of the stock in a transaction dated Tuesday, May 20th. The shares were acquired at an average cost of C$18.49 per share, with a total value of C$924,500.00. Insiders sold 4,358,981 shares of company stock worth $86,440,451 in the last ninety days. 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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