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

Key Points

• Analyst upgrade and upside: Scotia raised its price target on Cenovus to C$44 (from C$38) with a "sector outperform" call, implying about a 12.65% upside
• Stock and financial snapshot: CVE traded at C$39.06 (down ~1.1%) with a market cap of C$73.4B and a PE of 18.17; the company reported Q EPS of C$0.84 on C$12.36B revenue, a 12‑month range of C$16.61–C$42.01, and insiders own 32.03% (one insider recently sold shares).

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective hoisted by equities researchers at Scotia from C$38.00 to C$44.00 in a research note issued on Thursday,BayStreet.CA reports. The brokerage presently has a "sector outperform" rating on the stock. Scotia's target price would suggest a potential upside of 12.65% from the company's previous close.

Several other equities research analysts have also issued reports on CVE. JPMorgan Chase & Co. lifted their price target on shares of Cenovus Energy from C$25.00 to C$41.00 in a research note on Tuesday, April 14th. Morgan Stanley decreased their price objective on Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. TD upped their target price on Cenovus Energy from C$35.00 to C$45.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Royal Bank Of Canada increased their price target on Cenovus Energy from C$32.00 to C$42.00 and gave the company an "outperform" rating in a research report on Wednesday, April 8th. Finally, Scotiabank raised their price target on Cenovus Energy from C$30.00 to C$34.00 and gave the company an "outperform" rating in a research note on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of C$39.64.

Cenovus Energy Stock Down 1.1%

TSE:CVE traded down C$0.43 during trading hours on Thursday, reaching C$39.06. 5,248,804 shares of the stock were exchanged, compared to its average volume of 9,302,987. The stock has a market cap of C$73.42 billion, a PE ratio of 18.17, a PEG ratio of 0.09 and a beta of 0.23. Cenovus Energy has a twelve month low of C$16.61 and a twelve month high of C$42.01. The firm has a 50 day moving average of C$34.63 and a 200 day moving average of C$28.51. The company has a debt-to-equity ratio of 53.80, a current ratio of 1.57 and a quick ratio of 1.00.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last posted its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 earnings per share (EPS) for the quarter. The company had revenue of C$12.36 billion for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. On average, equities analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insider Activity at Cenovus Energy

In other news, insider John F. Soini sold 10,275 shares of the business's stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the completion of the sale, the insider owned 2,114 shares in the company, valued at C$74,264.82. The trade was a 82.94% decrease in their ownership of the stock. Insiders own 32.03% of the company's stock.

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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