Cenovus Energy (TSE:CVE) Price Target Raised to C$47.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective upped by investment analysts at Royal Bank Of Canada from C$45.00 to C$47.00 in a research report issued on Tuesday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective points to a potential upside of 8.10% from the company’s current price.

Other research analysts also recently issued research reports about the company. Jefferies Financial Group upped their price objective on Cenovus Energy from C$30.00 to C$37.00 in a research note on Monday, March 16th. TD upped their price objective on Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Veritas upgraded Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Gerdes Energy Research downgraded Cenovus Energy from a “buy” rating to a “neutral” rating in a research note on Friday, March 20th. Finally, ATB Cormark Capital Markets upped their price objective on Cenovus Energy from C$29.00 to C$34.00 in a research note on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of C$39.79.

Cenovus Energy Stock Up 2.5%

Cenovus Energy stock traded up C$1.07 during trading on Tuesday, hitting C$43.48. 3,479,103 shares of the company were exchanged, compared to its average volume of 9,026,465. The business’s 50 day moving average is C$36.22 and its 200 day moving average is C$29.47. Cenovus Energy has a 52 week low of C$17.61 and a 52 week high of C$43.75. The company has a market capitalization of C$81.08 billion, a P/E ratio of 17.32, a PEG ratio of 0.09 and a beta of 0.23. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%.The business had revenue of C$12.36 billion during the quarter. Analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insider Activity

In other news, insider Susan Mary Anderson-Olney sold 37,072 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of C$39.85, for a total transaction of C$1,477,319.20. Following the transaction, the insider owned 33,275 shares of the company’s stock, valued at C$1,326,008.75. This represents a 52.70% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 60,000 shares of the company’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of C$38.72, for a total value of C$2,323,200.00. Following the transaction, the insider directly owned 1,212,836 shares in the company, valued at C$46,961,009.92. This represents a 4.71% decrease in their position. Insiders have sold 166,785 shares of company stock valued at $6,610,095 in the last 90 days. 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.