Veritas Downgrades Cenovus Energy (TSE:CVE) to Strong Sell

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

Several other brokerages also recently weighed in on CVE. Morgan Stanley cut their price target on Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. National Bank Financial boosted their price objective on Cenovus Energy from C$29.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Scotiabank raised their target price on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the company an “outperform” rating in a report on Friday, February 20th. JPMorgan Chase & Co. downgraded shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price target for the company. in a research note on Tuesday, January 20th. Finally, The Goldman Sachs Group raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$32.00.

Cenovus Energy Stock Down 0.8%

Shares of TSE:CVE opened at C$30.62 on Monday. The company has a market capitalization of C$57.76 billion, a price-to-earnings ratio of 17.70, a PEG ratio of 0.09 and a beta of 0.65. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$32.04. The business has a 50-day moving average price of C$25.87 and a 200 day moving average price of C$24.51. 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 Transactions at Cenovus Energy

In related news, Director Michael John Crothers purchased 2,000 shares of the company’s stock in a transaction on Monday, December 15th. The shares were bought at an average cost of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the purchase, the director directly owned 8,000 shares of the company’s stock, valued at approximately C$193,840. This trade represents a 33.33% increase in their position. 32.03% of the stock is owned by company insiders.

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.