Cenovus Energy (TSE:CVE) Price Target Lowered to C$22.50 at Desjardins

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective cut by research analysts at Desjardins from C$24.50 to C$22.50 in a research note issued on Tuesday,BayStreet.CA reports. The firm presently has a "buy" rating on the stock. Desjardins' price objective suggests a potential upside of 34.33% from the stock's previous close.

Several other research firms have also recently weighed in on CVE. Jefferies Financial Group lowered their price objective on shares of Cenovus Energy from C$32.00 to C$30.00 in a research report on Thursday, January 30th. TD Securities dropped their price target on Cenovus Energy from C$29.00 to C$28.00 and set a "buy" rating for the company in a research note on Monday, February 24th. Scotiabank upgraded Cenovus Energy to a "strong-buy" rating in a research report on Wednesday, March 19th. Royal Bank of Canada dropped their target price on Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. Finally, National Bank Financial cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cenovus Energy currently has an average rating of "Moderate Buy" and an average target price of C$28.35.

Cenovus Energy Price Performance

Shares of TSE CVE traded up C$0.59 during midday trading on Tuesday, hitting C$16.75. 8,123,353 shares of the company's stock were exchanged, compared to its average volume of 6,160,118. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The business's fifty day moving average price is C$18.92 and its two-hundred day moving average price is C$21.04. The company has a market cap of C$30.51 billion, a price-to-earnings ratio of 8.26, a PEG ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$29.46.

Insiders Place Their Bets

In other news, Senior Officer Karamjit Singh Sandhar bought 5,000 shares of Cenovus Energy stock in a transaction on Wednesday, February 26th. The shares were purchased at an average price of C$20.05 per share, for a total transaction of C$100,250.00. Also, Senior Officer John F. Soini bought 5,880 shares of the stock in a transaction dated Wednesday, April 9th. The stock was purchased at an average price of C$16.89 per share, with a total value of C$99,313.20. In the last ninety days, insiders purchased 31,934 shares of company stock worth $619,586. 32.03% of the stock is currently owned by corporate insiders.

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.