Cenovus Energy (TSE:CVE) Rating Increased to Buy at Gerdes Energy Research

Cenovus Energy (TSE:CVE) (NYSE:CVE) was upgraded by analysts at Gerdes Energy Research from a “neutral” rating to a “buy” rating in a report released on Monday,BayStreet.CA reports. The firm currently has a C$46.00 price target on the stock, up from their previous price target of C$42.00. Gerdes Energy Research’s target price would indicate a potential upside of 28.71% from the stock’s current price.

Several other equities analysts have also weighed in on CVE. National Bank Financial lifted their price target on Cenovus Energy from C$30.00 to C$57.00 and gave the company an “outperform” rating in a research note on Tuesday, March 31st. JPMorgan Chase & Co. raised their price objective on Cenovus Energy from C$25.00 to C$41.00 in a report on Tuesday, April 14th. TD raised their price objective on Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and boosted their price objective for the company from C$41.00 to C$42.00 in a research report on Wednesday, May 6th. Finally, UBS Group upped their target price on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of C$40.20.

Cenovus Energy Stock Performance

CVE stock traded up C$0.57 during midday trading on Monday, hitting C$35.74. 2,135,687 shares of the stock traded hands, compared to its average volume of 8,423,436. The firm has a market cap of C$66.65 billion, a P/E ratio of 14.24, a PEG ratio of 0.09 and a beta of 0.15. The company has a debt-to-equity ratio of 42.29, a current ratio of 1.57 and a quick ratio of 1.00. The stock’s fifty day simple moving average is C$38.57 and its 200-day simple moving average is C$32.31. Cenovus Energy has a 1-year low of C$18.45 and a 1-year high of C$44.13.

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

Insiders Place Their Bets

In other news, insider Jonathan Michael Mckenzie sold 69,387 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total transaction of C$2,741,480.37. Following the completion of the sale, the insider owned 1,143,824 shares of the company’s stock, valued at C$45,192,486.24. This represents a 5.72% decrease in their ownership of the stock. Also, insider Susan Mary Anderson-Olney sold 37,072 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of C$39.85, for a total transaction of C$1,477,319.20. Following the completion of the sale, the insider owned 33,275 shares of the company’s stock, valued at C$1,326,008.75. This trade represents a 52.70% decrease in their ownership of the stock. Insiders sold a total of 225,897 shares of company stock worth $8,990,614 in the last 90 days. 32.03% of the stock is currently owned by 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.