TD Forecasts Strong Price Appreciation for Cenovus Energy (TSE:CVE) Stock

Key Points

• TD raised its price target on Cenovus Energy to C$46.00 from C$45.00 and kept a buy rating, implying about 12.9% upside from the current share price.
• Other analysts remain broadly positive on the stock, with multiple firms lifting targets or ratings; MarketBeat shows a consensus rating of Buy and an average price target of C$41.47.
• Cenovus shares were up slightly to C$40.74 on the day, while the company reported C$0.84 EPS on C$12.36 billion in quarterly revenue and saw continued insider selling over the past three months.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price target raised by analysts at TD from C$45.00 to C$46.00 in a report issued on Wednesday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the stock. TD's price target points to a potential upside of 12.91% from the company's current price.

CVE has been the subject of several other research reports. UBS Group boosted their price objective on shares of Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. JPMorgan Chase & Co. dropped their target price on shares of Cenovus Energy from C$47.00 to C$45.00 in a research report on Thursday, July 9th. National Bank Financial lifted their price target on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 31st. Scotiabank raised shares of Cenovus Energy to a "strong-buy" rating in a research report on Friday, June 26th. Finally, Royal Bank Of Canada boosted their price target on shares of Cenovus Energy from C$45.00 to C$47.00 and gave the company an "outperform" rating in a research report on Tuesday, May 19th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of C$41.47.

Cenovus Energy Stock Up 0.3%

Shares of TSE CVE traded up C$0.14 during midday trading on Wednesday, hitting C$40.74. 2,476,652 shares of the company's stock were exchanged, compared to its average volume of 8,001,410. The company has a debt-to-equity ratio of 42.29, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy has a twelve month low of C$19.05 and a twelve month high of C$44.13. The company has a market cap of C$75.97 billion, a PE ratio of 16.23, a P/E/G ratio of 0.09 and a beta of 0.17. The firm's fifty day simple moving average is C$38.46 and its 200-day simple moving average is C$33.96.

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

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider Jonathan Michael Mckenzie sold 69,387 shares of Cenovus Energy stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the transaction, the insider directly owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. The trade was a 5.72% decrease in their ownership of the stock. Also, insider Susan Mary Anderson-Olney sold 37,072 shares of Cenovus Energy stock in a transaction on Monday, May 11th. The shares were sold at an average price of C$39.85, for a total transaction of C$1,477,319.20. Following the completion of the transaction, the insider owned 33,275 shares in the company, valued at approximately C$1,326,008.75. This represents a 52.70% decrease in their ownership of the stock. Insiders have sold a total of 225,897 shares of company stock worth $8,990,614 over the last three months. 32.03% of the stock is currently owned by 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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