Jefferies Financial Group Increases Cenovus Energy (TSE:CVE) Price Target to C$25.00

Key Points

• Jefferies Financial Group has raised its price target for Cenovus Energy from C$24.00 to C$25.00, indicating a potential upside of 21.07% from the previous close.
• Other analysts, including Raymond James and Royal Bank of Canada, have also increased their price targets for Cenovus Energy, with an overall consensus target price of C$27.17.
• Cenovus Energy's stock has seen recent trading activity, closing at C$20.65 with a market capitalization of C$37.62 billion.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective raised by Jefferies Financial Group from C$24.00 to C$25.00 in a research note issued on Monday,BayStreet.CA reports. Jefferies Financial Group's target price would suggest a potential upside of 21.07% from the company's previous close.

Several other equities research analysts also recently issued reports on CVE. Raymond James Financial raised their price target on Cenovus Energy from C$29.00 to C$30.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Royal Bank Of Canada lifted their target price on Cenovus Energy from C$25.00 to C$26.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Desjardins lifted their target price on Cenovus Energy from C$27.00 to C$27.50 and gave the stock a "buy" rating in a research report on Friday, August 1st. Veritas downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, TD Securities lifted their target price on Cenovus Energy from C$25.00 to C$26.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of C$27.17.

Cenovus Energy Stock Performance

Shares of TSE:CVE traded down C$0.12 during midday trading on Monday, hitting C$20.65. The company's stock had a trading volume of 1,586,189 shares, compared to its average volume of 6,924,727. The stock has a market capitalization of C$37.62 billion, a price-to-earnings ratio of 10.18, a PEG ratio of 0.09 and a beta of 2.63. The stock's 50 day simple moving average is C$19.79 and its 200 day simple moving average is C$19.10. Cenovus Energy has a fifty-two week low of C$14.48 and a fifty-two week high of C$27.33. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59.

Insider Buying and Selling

In other news, Senior Officer Jonathan Michael Mckenzie bought 50,000 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was bought at an average price of C$18.49 per share, for a total transaction of C$924,500.00. Also, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of Cenovus Energy stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of C$20.28, for a total transaction of C$13,886,994.98. Insiders have sold 4,281,552 shares of company stock worth $84,922,463 over the last ninety days. Company insiders own 32.03% of the company's stock.

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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