Royal Bank Of Canada Reaffirms “Outperform” Rating for Cenovus Energy Inc (TSE:CVE)
Cenovus Energy Inc (TSE:CVE) (NYSE:CVE)‘s stock had its “outperform” rating reissued by stock analysts at Royal Bank Of Canada in a report issued on Tuesday, July 4th, StockTargetPrices.com reports. They currently have a C$23.00 price target on the stock. Royal Bank Of Canada’s price target indicates a potential upside of 118.42% from the company’s previous close.
A number of other research analysts also recently issued reports on CVE. Canaccord Genuity reissued a “hold” rating and issued a C$18.50 price objective on shares of Cenovus Energy in a research note on Thursday, March 9th. TD Securities raised Cenovus Energy from a “hold” rating to a “buy” rating and dropped their price target for the stock from C$22.00 to C$21.00 in a research note on Friday, March 24th. Raymond James Financial, Inc. lowered their price objective on Cenovus Energy from C$23.00 to C$18.00 and set a “market perform” rating for the company in a research note on Thursday, March 30th. Instinet lowered their price objective on Cenovus Energy from C$20.00 to C$18.00 in a research note on Friday, March 31st. Finally, J P Morgan Chase & Co lowered their price objective on Cenovus Energy from C$21.00 to C$19.00 in a research note on Friday, March 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. Cenovus Energy has an average rating of “Buy” and an average price target of C$17.93.
Shares of Cenovus Energy (TSE CVE) traded up 3.95% during trading on Tuesday, hitting $10.53. 3,492,106 shares of the stock traded hands. The company has a market cap of $12.94 billion and a price-to-earnings ratio of 3.54. Cenovus Energy has a 52 week low of $8.89 and a 52 week high of $22.06. The firm’s 50-day moving average price is $9.70 and its 200-day moving average price is $14.00.
In other news, Director Brian Charles Ferguson purchased 4,600 shares of the stock in a transaction on Monday, May 8th. The shares were acquired at an average price of C$13.06 per share, for a total transaction of C$60,076.00. Also, Director Richard Joseph Marcogliese acquired 8,800 shares of Cenovus Energy stock in a transaction dated Tuesday, June 6th. The shares were bought at an average cost of C$8.56 per share, for a total transaction of C$75,328.00. Insiders purchased 98,400 shares of company stock worth $1,231,504 in the last quarter.
About Cenovus Energy
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