Desjardins Reiterates C$50.00 Price Target for Cenovus Energy (TSE:CVE)

Key Points

• Desjardins reiterated a C$50.00 price target for Cenovus Energy and kept its buy rating, implying about 28% upside from the previous close.
• Other analysts remain mostly positive, with Cenovus holding a consensus Buy rating and an average price target of C$41.40, though recent target changes have been mixed.
• The stock rose 1.9% to C$39.01 on Friday, while the company recently reported C$0.84 EPS on C$12.36 billion in revenue for the quarter.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE has been given a C$50.00 target price by investment analysts at Desjardins in a report issued on Friday,BayStreet.CA reports. The firm currently has a "buy" rating on the stock. Desjardins' price target suggests a potential upside of 28.17% from the company's previous close.

A number of other research firms also recently commented on CVE. Scotia increased their price objective on Cenovus Energy from C$38.00 to C$44.00 and gave the company a "sector outperform" rating in a report on Thursday, May 7th. JPMorgan Chase & Co. decreased their target price on Cenovus Energy from C$47.00 to C$45.00 in a research note on Thursday, July 9th. Raymond James Financial downgraded Cenovus Energy from a "strong-buy" rating to a "moderate buy" rating and upped their price target for the company from C$41.00 to C$42.00 in a report on Wednesday, May 6th. National Bank Financial raised their price objective on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the stock an "outperform" rating in a report on Tuesday, March 31st. Finally, Royal Bank Of Canada boosted their price objective on shares of Cenovus Energy from C$45.00 to C$47.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 19th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Cenovus Energy has a consensus rating of "Buy" and a consensus price target of C$41.40.

Cenovus Energy Stock Up 1.9%

Shares of TSE:CVE traded up C$0.74 during trading hours on Friday, reaching C$39.01. The stock had a trading volume of 1,684,539 shares, compared to its average volume of 8,078,563. Cenovus Energy has a 1 year low of C$19.05 and a 1 year high of C$44.13. The firm's 50 day moving average is C$38.46 and its 200-day moving average is C$33.61. The stock has a market capitalization of C$72.75 billion, a price-to-earnings ratio of 15.54, a P/E/G ratio of 0.09 and a beta of 0.17. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last issued its earnings results on Wednesday, May 6th. The company reported C$0.84 EPS for the quarter. The firm had revenue of C$12.36 billion during the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. Research analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Insider Buying and Selling at Cenovus Energy

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.