Cenovus Energy (TSE:CVE) Stock Price Target Raised at Raymond James Financial

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price increased by equities research analysts at Raymond James Financial from C$51.00 to C$53.00 in a note issued to investors on Thursday, BayStreet reports. The brokerage presently has an “outperform” rating on the stock. Raymond James Financial‘s price objective points to a potential upside of 35.10% from the stock’s previous close.

CVE has been the topic of several other reports. Desjardins increased their target price on Cenovus Energy from C$52.00 to C$53.00 and gave the stock a “buy” rating in a report on Tuesday, October 20th. Scotiabank boosted their price target on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. UBS Group downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, National Bank Financial increased their price objective on shares of Cenovus Energy from C$57.00 to C$58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of C$47.12.

Cenovus Energy Price Performance

TSE:CVE traded down C$0.43 during trading hours on Thursday, reaching C$39.23. 5,633,488 shares of the company were exchanged, compared to its average volume of 7,176,049. The business has a 50 day moving average of C$45.05 and a 200 day moving average of C$38.32. Cenovus Energy has a 1-year low of C$21.62 and a 1-year high of C$47.46. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00. The company has a market capitalization of C$72.35 billion, a P/E ratio of 10.90, a P/E/G ratio of 0.09 and a beta of 0.16.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Wednesday, November 4th. The company reported C$1.83 earnings per share for the quarter. The firm had revenue of C$15.98 billion during the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. Research analysts forecast that Cenovus Energy will post 2.26 EPS for the current year.

Insiders Place Their Bets

In other Cenovus Energy news, insider Jonathan Michael Mckenzie sold 104,974 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the sale, the insider owned 843,824 shares of the company’s stock, valued at approximately C$36,697,905.76. This trade represents a 11.06% decrease in their position. Also, Director Alex Pourbaix sold 30,186 shares of Cenovus Energy stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the completion of the transaction, the director owned 1,455,996 shares in the company, valued at approximately C$61,399,351.32. The trade was a 2.03% decrease in their position. Insiders sold 601,524 shares of company stock worth $25,546,211 over the last three months. Insiders own 32.03% of the company’s stock.

Cenovus Energy Company Profile

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.