Cenovus Energy (TSE:CVE) Given New C$26.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target for Cenovus Energy from C$25.00 to C$26.00, indicating a potential upside of 26.40% from its previous close.
• Other analysts have varied opinions on Cenovus Energy, with Raymond James increasing their target to C$30.00 and JPMorgan lowering theirs to C$32.00, among others.
• The stock experienced a 2.5% decline during midday trading, currently trading at C$20.57, with a market cap of C$37.47 billion.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price objective hoisted by Royal Bank Of Canada from C$25.00 to C$26.00 in a research note issued on Friday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price target points to a potential upside of 25.85% from the stock's current price.

CVE has been the subject of a number of other research reports. Veritas downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. TD Securities boosted their target price on Cenovus Energy from C$25.00 to C$26.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Raymond James Financial boosted their target price on Cenovus Energy from C$29.00 to C$30.00 and gave the stock an "outperform" rating in a research note on Friday. Desjardins boosted their target price on Cenovus Energy from C$27.00 to C$27.50 and gave the stock a "buy" rating in a research note on Friday. Finally, JPMorgan Chase & Co. reduced their price target on Cenovus Energy from C$34.00 to C$32.00 and set an "overweight" rating on the stock in a report on Friday, April 11th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cenovus Energy currently has a consensus rating of "Moderate Buy" and an average price target of C$27.72.

Cenovus Energy Price Performance

CVE stock traded up C$0.23 during midday trading on Friday, reaching C$20.66. The company had a trading volume of 2,488,300 shares, compared to its average volume of 7,002,945. The company has a market capitalization of C$37.63 billion, a price-to-earnings ratio of 10.18, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The stock has a 50 day moving average price of C$19.38 and a 200-day moving average price of C$19.17. Cenovus Energy has a 1-year low of C$14.48 and a 1-year high of C$27.44. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00.

Insiders Place Their Bets

In other Cenovus Energy news, Senior Officer Jonathan Michael Mckenzie bought 50,000 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was purchased at an average cost of C$18.49 per share, with a total value of C$924,500.00. Also, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of Cenovus Energy stock in a transaction dated Friday, June 13th. The stock was sold at an average price of C$20.03, for a total value of C$48,849,820.34. Over the last quarter, insiders sold 4,358,981 shares of company stock worth $86,440,451. 32.03% of the stock is owned by company 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.