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

Key Points

• Cenovus Energy had its price target raised by National Bankshares to C$29 (from C$28), an implied 26.75% upside
• The stock traded at C$22.88 (market cap C$43.16B) with a P/E of 13.23 and a 52-week range of C$14.48–C$26.36, indicating current valuation below analyst targets.
• An insider purchase was reported — a director bought 2,000 shares at C$24.23 — and insiders collectively own 32.03% of the company, signaling significant insider stake.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective boosted by research analysts at National Bankshares from C$28.00 to C$29.00 in a report issued on Friday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. National Bankshares' price objective would indicate a potential upside of 26.75% from the company's current price.

Several other analysts also recently weighed in on the company. The Goldman Sachs Group upgraded Cenovus Energy to a "strong-buy" rating in a research note on Friday, January 2nd. Raymond James Financial upgraded Cenovus Energy from an "outperform" rating to a "strong-buy" rating and raised their price objective for the company from C$30.00 to C$32.00 in a research note on Thursday, October 9th. Royal Bank Of Canada upped their target price on Cenovus Energy from C$30.00 to C$32.00 in a research report on Monday, November 17th. Morgan Stanley raised their price target on shares of Cenovus Energy from C$26.00 to C$31.00 in a research report on Thursday, November 20th. Finally, JPMorgan Chase & Co. cut their price target on shares of 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. Three investment 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 company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of C$29.68.

Cenovus Energy Trading Up 0.8%

Cenovus Energy stock traded up C$0.18 during trading on Friday, hitting C$22.88. The company's stock had a trading volume of 3,825,640 shares, compared to its average volume of 14,343,802. The stock's fifty day moving average is C$24.16 and its 200 day moving average is C$22.68. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. Cenovus Energy has a 1-year low of C$14.48 and a 1-year high of C$26.36. The stock has a market capitalization of C$43.16 billion, a price-to-earnings ratio of 13.23, a P/E/G ratio of 0.09 and a beta of 0.50.

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

Insider Activity at Cenovus Energy

In other news, Director Michael John Crothers purchased 2,000 shares of the company's stock in a transaction on Monday, December 15th. The shares were bought at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the purchase, the director owned 8,000 shares of the company's stock, valued at C$193,840. This trade represents a 33.33% increase in their ownership of the stock. Insiders own 32.03% of the company's stock.

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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