Cenovus Energy (TSE:CVE) Stock Price Target Raised at National Bank Financial

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target increased by equities researchers at National Bank Financial from C$57.00 to C$58.00 in a report issued on Tuesday, BayStreet reports. The brokerage currently has an “outperform” rating on the stock. National Bank Financial’s price objective would suggest a potential upside of 24.95% from the stock’s current price.

Several other research firms also recently issued reports on CVE. Raymond James Financial upped their price objective on Cenovus Energy from C$51.00 to C$53.00 and gave the stock an “outperform” rating in a report on Tuesday, October 6th. Scotiabank increased their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research report on Thursday, July 30th. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and lifted their target price for the company from C$42.00 to C$46.00 in a research note on Monday, June 29th. Royal Bank Of Canada lifted their target price on Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Finally, JPMorgan Chase & Co. upgraded Cenovus Energy from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from C$51.00 to C$58.00 in a research report on Tuesday, September 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of C$46.38.

Cenovus Energy Price Performance

Shares of CVE stock traded down C$0.51 during trading hours on Tuesday, reaching C$46.42. 3,312,241 shares of the company were exchanged, compared to its average volume of 7,211,340. Cenovus Energy has a fifty-two week low of C$21.62 and a fifty-two week high of C$47.46. The stock’s fifty day moving average is C$44.84 and its two-hundred day moving average is C$40.65. The company has a market cap of C$85.61 billion, a price-to-earnings ratio of 12.89, a P/E/G ratio of 0.09 and a beta of 0.28. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The business had revenue of C$17.43 billion for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. Sell-side analysts forecast that Cenovus Energy will post 2.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cenovus Energy news, Director Alex Pourbaix sold 30,186 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total transaction of C$1,272,943.62. Following the completion of the sale, the director owned 1,455,996 shares in the company, valued at approximately C$61,399,351.32. The trade was a 2.03% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the completion of the transaction, the insider directly owned 843,824 shares in the company, valued at approximately C$36,697,905.76. This trade represents a 11.06% decrease in their position. In the last 90 days, insiders sold 601,524 shares of company stock valued at $25,546,211. Company insiders own 32.03% of the company’s stock.

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.