Royal Bank Of Canada Forecasts Strong Price Appreciation for Cenovus Energy (TSE:CVE) Stock

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 target increased by stock analysts at 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 objective points to a potential upside of 26.40% from the stock's previous close.

Several other brokerages also recently issued reports on CVE. Raymond James Financial increased their price objective on Cenovus Energy from C$29.00 to C$30.00 and gave the stock an "outperform" rating in a research note on Friday. JPMorgan Chase & Co. cut their target price on shares of Cenovus Energy from C$34.00 to C$32.00 and set an "overweight" rating for the company in a research report on Friday, April 11th. TD Securities lifted their price objective on Cenovus Energy from C$25.00 to C$26.00 and gave the company a "buy" rating in a research report on Friday, May 9th. CIBC cut their price target on Cenovus Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. Finally, Veritas lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Three research 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's stock. Based on data from MarketBeat.com, Cenovus Energy presently has an average rating of "Moderate Buy" and an average price target of C$27.72.

Cenovus Energy Trading Down 2.5%

Shares of TSE:CVE traded down C$0.52 during mid-day trading on Friday, hitting C$20.57. The stock had a trading volume of 5,140,907 shares, compared to its average volume of 7,018,680. The company's 50 day moving average is C$19.34 and its 200-day moving average is C$19.21. The company has a market cap of C$37.47 billion, a PE ratio of 10.14, a P/E/G 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$27.44. 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 Transactions at Cenovus Energy

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

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