Cenovus Energy (TSE:CVE) Upgraded at Desjardins

Key Points

• Desjardins upgraded Cenovus Energy to a “moderate buy,” adding to a generally positive analyst backdrop for the stock.
• Other firms have recently turned bullish or lifted targets, and the overall consensus among analysts is now a “Buy” rating with an average price target of C$41.40.
• Cenovus posted C$0.84 EPS on C$12.36 billion in quarterly revenue, while the stock opened at C$39.20 and has traded between C$19.05 and C$44.13 over the past 12 months.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE was upgraded by investment analysts at Desjardins to a "moderate buy" rating in a report issued on Thursday,Zacks.com reports.

Several other research firms have also weighed in on CVE. Scotiabank raised Cenovus Energy to a "strong-buy" rating in a research report on Friday, June 26th. UBS Group upped their target price on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Raymond James Financial cut shares of Cenovus Energy from a "strong-buy" rating to a "moderate buy" rating and upped their price objective for the stock from C$41.00 to C$42.00 in a research note on Wednesday, May 6th. Royal Bank Of Canada upped their price objective on Cenovus Energy from C$45.00 to C$47.00 and gave the stock an "outperform" rating in a report on Tuesday, May 19th. Finally, National Bank Financial upped their target price on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the company an "outperform" rating in a research report on Tuesday, March 31st. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of C$41.40.

Cenovus Energy Stock Performance

CVE stock opened at C$39.20 on Thursday. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29. The firm has a market cap of C$73.10 billion, a P/E ratio of 15.62, a P/E/G ratio of 0.09 and a beta of 0.17. Cenovus Energy has a 12-month low of C$19.05 and a 12-month high of C$44.13. The stock's 50 day simple moving average is C$38.47 and its 200 day simple moving average is C$33.65.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last announced its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%.The firm had revenue of C$12.36 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

In related news, insider Jonathan Michael Mckenzie sold 69,387 shares of the firm's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the transaction, the insider owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. This trade represents a 5.72% decrease in their ownership of the stock. Also, insider Susan Mary Anderson-Olney sold 19,379 shares of the business's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of C$41.84, for a total transaction of C$810,817.36. Following the completion of the transaction, the insider owned 33,275 shares of the company's stock, valued at C$1,392,226. The trade was a 36.80% decrease in their ownership of the stock. Insiders have sold a total of 225,897 shares of company stock valued at $8,990,614 in the last ninety days. 32.03% of the stock is currently owned by insiders.

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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