Cenovus Energy (TSE:CVE) Price Target Raised to C$29.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective lifted by research analysts at Jefferies Financial Group from C$25.00 to C$29.00 in a report released on Tuesday,BayStreet.CA reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s price target suggests a potential upside of 25.00% from the stock’s previous close.

A number of other equities analysts have also recently commented on CVE. Veritas cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 14th. Royal Bank Of Canada lifted their target price on Cenovus Energy from C$25.00 to C$26.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Desjardins raised their price target on Cenovus Energy from C$27.50 to C$29.00 in a research note on Monday, August 25th. National Bankshares upgraded Cenovus Energy from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from C$24.00 to C$28.00 in a report on Monday, August 25th. Finally, TD Securities boosted their price objective on Cenovus Energy from C$25.00 to C$26.00 and gave the company a “buy” rating in a report on Friday, May 9th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy presently has an average rating of “Buy” and an average price target of C$28.10.

Cenovus Energy Trading Up 1.6%

Shares of Cenovus Energy stock traded up C$0.36 on Tuesday, reaching C$23.20. The company had a trading volume of 3,026,445 shares, compared to its average volume of 7,302,677. The firm has a market cap of C$41.75 billion, a price-to-earnings ratio of 16.11, a P/E/G ratio of 0.09 and a beta of 0.73. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The firm’s 50-day moving average price is C$20.34 and its two-hundred day moving average price is C$19.16. Cenovus Energy has a 1 year low of C$14.48 and a 1 year high of C$25.31.

Insiders Place Their Bets

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of Cenovus Energy stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of C$20.28, for a total transaction of C$13,886,994.98. Over the last three months, insiders sold 4,281,552 shares of company stock worth $84,922,463. 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.