Cenovus Energy (TSE:CVE) Stock Rating Upgraded by Raymond James Financial

Key Points

• Cenovus Energy has been upgraded by Raymond James Financial from an "outperform" rating to a "strong-buy" rating, with a new target price of C$32.00, indicating a potential upside of 27.03% from its current price.
• Several analysts have raised their target prices for Cenovus, with Desjardins increasing it from C$27.50 to C$29.00, while National Bankshares and ATB Capital have also issued upward revisions.
• The company's stock has seen recent trading activity with a market cap of C$45.34 billion and a current price of C$25.19, showing noticeable growth from a one-year low of C$14.48.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE was upgraded by analysts at Raymond James Financial from an "outperform" rating to a "strong-buy" rating in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage currently has a C$32.00 target price on the stock, up from their prior target price of C$30.00. Raymond James Financial's price objective would indicate a potential upside of 27.03% from the company's current price.

CVE has been the topic of several other reports. Desjardins increased their target price on Cenovus Energy from C$27.50 to C$29.00 in a report on Monday, August 25th. National Bankshares increased their target price on Cenovus Energy from C$28.00 to C$29.00 and gave the stock an "outperform" rating in a report on Wednesday, September 10th. ATB Capital increased their target price on Cenovus Energy from C$25.00 to C$28.00 and gave the stock an "outperform" rating in a report on Monday, August 25th. Royal Bank Of Canada increased their target price on Cenovus Energy from C$25.00 to C$26.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. reduced their target price 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. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of C$28.10.

Cenovus Energy Stock Performance

TSE CVE traded up C$0.48 on Thursday, reaching C$25.19. The stock had a trading volume of 6,188,286 shares, compared to its average volume of 7,982,837. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The firm has a fifty day moving average of C$22.60 and a two-hundred day moving average of C$19.91. Cenovus Energy has a 1-year low of C$14.48 and a 1-year high of C$25.97. The company has a market cap of C$45.34 billion, a P/E ratio of 17.49, a price-to-earnings-growth ratio of 0.09 and a beta of 0.66.

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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