Cenovus Energy (TSE:CVE) Rating Lowered to “Strong Sell” at Veritas

Cenovus Energy (TSE:CVE) (NYSE:CVE) was downgraded by investment analysts at Veritas from a “hold” rating to a “strong sell” rating in a report issued on Monday,Zacks.com reports.

Several other analysts also recently commented on the stock. Scotiabank lifted their target price on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the stock an “outperform” rating in a report on Friday, February 20th. Royal Bank Of Canada raised their price objective on shares of Cenovus Energy from C$31.00 to C$32.00 and gave the stock an “outperform” rating in a research report on Friday, February 20th. The Goldman Sachs Group raised Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. JPMorgan Chase & Co. cut Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price target for the company. in a report on Tuesday, January 20th. Finally, Desjardins upped their price objective on Cenovus Energy from C$33.00 to C$36.00 and gave the company a “buy” rating in a report on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cenovus Energy has an average rating of “Moderate Buy” and an average target price of C$32.00.

Cenovus Energy Stock Down 0.8%

CVE opened at C$30.62 on Monday. The stock’s fifty day simple moving average is C$25.87 and its 200 day simple moving average is C$24.51. Cenovus Energy has a 1-year low of C$14.48 and a 1-year high of C$32.04. The stock has a market cap of C$57.76 billion, a PE ratio of 17.70, a price-to-earnings-growth ratio of 0.09 and a beta of 0.65. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59.

Insiders Place Their Bets

In related news, Director Michael John Crothers acquired 2,000 shares of the company’s stock in a transaction on Monday, December 15th. The stock was purchased at an average cost of C$24.23 per share, with a total value of C$48,460.00. Following the acquisition, the director directly owned 8,000 shares of the company’s stock, valued at approximately C$193,840. The trade was a 33.33% increase in their ownership of the stock. 32.03% of the stock is owned by corporate insiders.

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.