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

Key Points

• Desjardins analyst has raised Cenovus Energy's price target from C$27.50 to C$29.00, indicating a potential upside of 26.25% from its current price.
• The consensus rating for Cenovus Energy is currently a "Moderate Buy" with an average price target of C$27.70, supported by multiple research firms' positive outlooks.
• Insider selling activity has been significant, with over 4.2 million shares sold in the last 90 days, raising concerns about insider confidence in the company's future performance.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective boosted by equities research analysts at Desjardins from C$27.50 to C$29.00 in a research note issued on Monday,BayStreet.CA reports. Desjardins' price target points to a potential upside of 26.25% from the company's current price.

A number of other research firms also recently weighed in on CVE. TD Securities lifted their price target on shares of 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. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Veritas lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. National Bankshares upgraded shares of Cenovus Energy from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from C$24.00 to C$28.00 in a research note on Monday. Finally, Raymond James Financial increased their price objective 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, August 1st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of C$27.70.

Cenovus Energy Stock Performance

CVE stock traded up C$0.29 during mid-day trading on Monday, hitting C$22.97. 4,989,307 shares of the company were exchanged, compared to its average volume of 7,165,761. The business has a 50 day simple moving average of C$19.96 and a 200-day simple 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. The stock has a market capitalization of C$41.84 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 1-year low of C$14.48 and a 1-year high of C$26.47.

Insider Activity

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of the business's stock in a transaction dated 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. Insiders have sold a total of 4,281,552 shares of company stock valued at $84,922,463 in the last 90 days. 32.03% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.