Cenovus Energy (TSE:CVE) Given New C$34.00 Price Target at Scotiabank

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price raised by equities research analysts at Scotiabank from C$30.00 to C$34.00 in a report released on Friday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Scotiabank’s price objective points to a potential upside of 9.85% from the stock’s current price.

A number of other analysts also recently commented on CVE. Royal Bank Of Canada upped their price objective on Cenovus Energy from C$31.00 to C$32.00 and gave the stock an “outperform” rating in a report on Friday. Morgan Stanley cut their price target on shares of Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. The Goldman Sachs Group raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. National Bank Financial lifted their target price on shares of Cenovus Energy from C$29.00 to C$34.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. Finally, Desjardins increased their price target on Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a report on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of C$31.50.

Cenovus Energy Trading Down 2.3%

Shares of TSE CVE traded down C$0.73 on Friday, reaching C$30.95. 7,256,594 shares of the company traded hands, compared to its average volume of 9,269,599. The company has a 50 day moving average of C$25.47 and a 200 day moving average of C$24.23. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. Cenovus Energy has a fifty-two week low of C$14.48 and a fifty-two week high of C$32.04. The stock has a market capitalization of C$58.38 billion, a PE ratio of 17.89, a P/E/G ratio of 0.09 and a beta of 0.65.

Insider Activity at Cenovus Energy

In related news, Director Michael John Crothers purchased 2,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was acquired at an average price of C$24.23 per share, with a total value of C$48,460.00. Following the completion of the transaction, the director owned 8,000 shares of the company’s stock, valued at C$193,840. This represents a 33.33% increase in their ownership of the stock. 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.