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

Key Points

• Desjardins raised its price target on Cenovus to C$33.00 (from C$31.50) and kept a "buy" rating, implying about a 31.21% upside from the current share price.
• Analyst sentiment is broadly positive — the consensus is a "Buy" with an average target of C$29.17; several firms (Raymond James, Morgan Stanley, National Bank Financial) recently upgraded or raised targets while JPMorgan trimmed its target.
• Cenovus traded at C$25.15 (-0.2%) with a market cap of C$47.44B and a P/E of 14.54, and it reported last-quarter results of C$0.72 EPS on C$13.2B revenue.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price target upped by investment analysts at Desjardins from C$31.50 to C$33.00 in a report released on Monday,BayStreet.CA reports. The brokerage presently has a "buy" rating on the stock. Desjardins' price target points to a potential upside of 31.21% from the stock's current price.

Other analysts have also recently issued research reports about the stock. Raymond James Financial raised shares of Cenovus Energy from an "outperform" rating to a "strong-buy" rating and increased their price target for the stock from C$30.00 to C$32.00 in a research report on Thursday, October 9th. Morgan Stanley upped their price objective on Cenovus Energy from C$26.00 to C$31.00 in a research report on Thursday. National Bank Financial upgraded Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. JPMorgan Chase & Co. cut their price target on Cenovus Energy from C$32.00 to C$29.00 and set an "overweight" rating on the stock in a report on Thursday, September 11th. Finally, National Bankshares decreased their price objective on Cenovus Energy from C$29.00 to C$28.00 and set an "outperform" rating for the company in a research note on Wednesday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given 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$29.17.

Cenovus Energy Trading Down 0.2%

Cenovus Energy stock traded down C$0.05 during trading on Monday, hitting C$25.15. The company had a trading volume of 3,295,831 shares, compared to its average volume of 8,217,299. The stock has a market cap of C$47.44 billion, a price-to-earnings ratio of 14.54, a price-to-earnings-growth ratio of 0.09 and a beta of 0.41. 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 1-year low of C$14.48 and a 1-year high of C$26.36. The company's 50 day simple moving average is C$24.24 and its 200-day simple moving average is C$21.57.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its quarterly earnings results on Friday, October 31st. The company reported C$0.72 EPS for the quarter. The business had revenue of C$13.20 billion during the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%. As a group, analysts expect that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.