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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target hoisted by stock analysts at Desjardins from C$52.00 to C$53.00 in a research report issued on Tuesday, BayStreet reports. The brokerage currently has a “buy” rating on the stock. Desjardins’ target price points to a potential upside of 14.17% from the stock’s current price.

CVE has been the topic of a number of other research reports. JPMorgan Chase & Co. upgraded Cenovus Energy from a “neutral” rating to an “overweight” rating and raised their price target for the stock from C$51.00 to C$58.00 in a research note on Tuesday, September 8th. ATB Cormark Capital Markets boosted their price objective on Cenovus Energy from C$42.50 to C$49.00 and gave the company an “outperform” rating in a research note on Tuesday, October 6th. UBS Group cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Raymond James Financial increased their price objective on Cenovus Energy from C$51.00 to C$53.00 and gave the company an “outperform” rating in a report on Tuesday, October 6th. Finally, Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and increased their price objective for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Cenovus Energy presently has an average rating of “Buy” and an average price target of C$46.38.

Cenovus Energy Stock Performance

Shares of CVE traded down C$0.51 during midday trading on Tuesday, reaching C$46.42. 3,312,241 shares of the stock were exchanged, compared to its average volume of 7,211,340. The business’s 50-day moving average price is C$44.84 and its 200 day moving average price is C$40.65. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00. Cenovus Energy has a twelve month low of C$21.62 and a twelve month high of C$47.46. The company has a market capitalization of C$85.61 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 0.09 and a beta of 0.28.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. The business had revenue of C$17.43 billion during the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. On average, sell-side analysts expect that Cenovus Energy will post 2.26 EPS for the current fiscal year.

Insider Transactions at Cenovus Energy

In other news, insider John F. Soini sold 26,223 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the completion of the sale, the insider owned 2,114 shares in the company, valued at approximately C$94,960.88. This represents a 92.54% decrease in their ownership of the stock. Also, Director Alex Pourbaix sold 30,186 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the transaction, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,399,351.32. This represents a 2.03% decrease in their position. Over the last quarter, insiders sold 601,524 shares of company stock worth $25,546,211. Company 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.