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

Key Points

• Royal Bank of Canada raised its price target on Cenovus from C$42.00 to C$45.00 and kept an "outperform" rating, implying a potential upside of 15.21% from the current price.
• Analyst sentiment is broadly positive — the MarketBeat consensus is a "Buy" with a consensus target of C$39.64, and several firms (UBS, JPMorgan, Scotiabank, ATB Cormark) have recently raised their targets.
• Cenovus trades around C$39.06 with a market cap of C$73.42 billion; it reported Q quarterly EPS of C$0.84 on C$12.36 billion revenue, and insiders own about 32% of the stock with a recent insider sale reported.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price target raised by analysts at Royal Bank Of Canada from C$42.00 to C$45.00 in a research report issued on Thursday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank Of Canada's target price indicates a potential upside of 15.21% from the stock's current price.

Several other research analysts have also recently issued reports on CVE. ATB Cormark Capital Markets increased their price objective on shares of Cenovus Energy from C$29.00 to C$34.00 in a report on Monday, February 23rd. Raymond James Financial lowered shares of Cenovus Energy from a "strong-buy" rating to a "moderate buy" rating and increased their target price for the company from C$41.00 to C$42.00 in a research note on Wednesday. Scotiabank raised their price objective on Cenovus Energy from C$30.00 to C$34.00 and gave the stock an "outperform" rating in a research note on Friday, February 20th. UBS Group boosted their target price on Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. Finally, JPMorgan Chase & Co. increased their price target on Cenovus Energy from C$25.00 to C$41.00 in a research report on Tuesday, April 14th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Cenovus Energy presently has a consensus rating of "Buy" and a consensus target price of C$39.64.

Cenovus Energy Stock Performance

CVE stock traded down C$0.43 during mid-day trading on Thursday, reaching C$39.06. The company had a trading volume of 5,248,804 shares, compared to its average volume of 9,302,987. Cenovus Energy has a one year low of C$16.61 and a one year high of C$42.01. The stock has a market capitalization of C$73.42 billion, a P/E ratio of 18.17, a P/E/G ratio of 0.09 and a beta of 0.23. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 53.80. The stock's 50-day simple moving average is C$34.63 and its two-hundred day simple moving average is C$28.51.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 earnings per share for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. The business had revenue of C$12.36 billion for the quarter. Research analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Activity

In other news, insider John F. Soini sold 10,275 shares of the business's stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the transaction, the insider directly owned 2,114 shares in the company, valued at C$74,264.82. The trade was a 82.94% decrease in their position. 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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