Cenovus Energy (TSE:CVE) Given New C$36.00 Price Target at Desjardins

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective upped by investment analysts at Desjardins from C$33.00 to C$36.00 in a report issued on Friday,BayStreet.CA reports. The firm currently has a “buy” rating on the stock. Desjardins’ target price suggests a potential upside of 16.32% from the stock’s current price.

Other analysts also recently issued research reports about the stock. TD Securities increased their target price on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the company a “buy” rating in a research report on Friday. The Goldman Sachs Group upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. Royal Bank Of Canada boosted their target price on shares of Cenovus Energy from C$31.00 to C$32.00 and gave the company an “outperform” rating in a report on Friday. National Bank Financial increased their price target on Cenovus Energy from C$29.00 to C$34.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Finally, Morgan Stanley lowered their price objective on Cenovus Energy from C$31.00 to C$29.00 in a research report on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of C$31.50.

Cenovus Energy Trading Down 2.3%

TSE:CVE traded down C$0.73 during trading hours on Friday, hitting C$30.95. 7,256,594 shares of the company were exchanged, compared to its average volume of 9,269,599. The stock has a market capitalization of C$58.38 billion, a price-to-earnings ratio of 17.89, a price-to-earnings-growth ratio of 0.09 and a beta of 0.65. Cenovus Energy has a one year low of C$14.48 and a one year high of C$32.04. The company has a fifty day simple moving average of C$25.47 and a 200 day simple 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.

Insider Activity

In other Cenovus Energy news, Director Michael John Crothers purchased 2,000 shares of Cenovus Energy stock in a transaction that occurred on 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 transaction, the director owned 8,000 shares in the company, valued at C$193,840. This trade represents a 33.33% increase in their position. 32.03% of the stock is currently 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.