UBS Group Issues Positive Forecast for Cenovus Energy (TSE:CVE) Stock Price

Key Points

• UBS Group raised its price target on Cenovus from C$36.00 to C$41.00, implying roughly a 15.6% upside from the prior close.
• Several other brokers have also bumped targets and the stock carries a consensus Buy rating with an average price target of C$36.54.
• Cenovus traded at C$35.48 (down 1.3%), with a market cap of C$66.69 billion, a P/E of 16.5, and last quarter EPS of C$0.50 on C$10.88 billion in revenue.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price target boosted by analysts at UBS Group from C$36.00 to C$41.00 in a note issued to investors on Thursday,BayStreet.CA reports. UBS Group's target price suggests a potential upside of 15.56% from the company's previous close.

Other equities research analysts have also recently issued reports about the stock. ATB Cormark Capital Markets boosted their price objective on shares of Cenovus Energy from C$29.00 to C$34.00 in a research report on Monday, February 23rd. Raymond James Financial boosted their price objective on shares of Cenovus Energy from C$33.00 to C$42.00 in a research report on Monday, March 30th. Royal Bank Of Canada boosted their price objective on shares of Cenovus Energy from C$32.00 to C$42.00 and gave the company an "outperform" rating in a research report on Wednesday. BMO Capital Markets lowered their price objective on shares of Cenovus Energy from C$38.00 to C$35.00 and set an "outperform" rating for the company in a research report on Friday, February 20th. Finally, Veritas raised shares of Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a research report on Tuesday, March 10th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Cenovus Energy currently has a consensus rating of "Buy" and an average price target of C$36.54.

Cenovus Energy Trading Down 1.3%

CVE stock traded down C$0.46 during midday trading on Thursday, reaching C$35.48. The company's stock had a trading volume of 4,226,566 shares, compared to its average volume of 9,990,124. The company has a debt-to-equity ratio of 53.80, a quick ratio of 1.00 and a current ratio of 1.57. The stock has a fifty day simple moving average of C$31.88 and a two-hundred day simple moving average of C$26.92. Cenovus Energy has a 1 year low of C$15.06 and a 1 year high of C$38.50. The firm has a market capitalization of C$66.69 billion, a price-to-earnings ratio of 16.50, a PEG ratio of 0.09 and a beta of 0.07.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its earnings results on Thursday, February 19th. The company reported C$0.50 earnings per share for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%.The business had revenue of C$10.88 billion for the quarter. On average, equities research analysts predict that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Activity at Cenovus Energy

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