Cenovus Energy (TSE:CVE) Given New C$30.00 Price Target at Scotiabank

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price upped by analysts at Scotiabank from C$29.00 to C$30.00 in a research report issued on Tuesday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s target price points to a potential upside of 21.85% from the company’s previous close.

Several other research firms have also recently weighed in on CVE. Desjardins increased their price objective on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the stock a “buy” rating in a research report on Friday, December 12th. JPMorgan Chase & Co. downgraded Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price objective on the stock. in a research note on Tuesday. National Bankshares increased their price objective on shares of Cenovus Energy from C$28.00 to C$29.00 and gave the stock an “outperform” rating in a research report on Friday, January 9th. The Goldman Sachs Group upgraded shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Finally, Royal Bank Of Canada lowered their price objective on Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating for the company in a research note on Tuesday, January 13th. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy has a consensus rating of “Buy” and a consensus target price of C$29.14.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock traded down C$0.52 on Tuesday, reaching C$24.62. 5,450,644 shares of the stock were exchanged, compared to its average volume of 12,081,074. The firm’s 50 day moving average is C$24.24 and its 200-day moving average is C$23.01. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. Cenovus Energy has a one year low of C$14.48 and a one year high of C$26.36. The firm has a market cap of C$46.44 billion, a PE ratio of 14.23, a P/E/G ratio of 0.09 and a beta of 0.50.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Friday, October 31st. The company reported C$0.72 earnings per share (EPS) for the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. The business had revenue of C$13.20 billion during the quarter. As a group, analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Director Michael John Crothers bought 2,000 shares of the business’s stock in a transaction on Monday, December 15th. The stock was purchased at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the transaction, the director directly owned 8,000 shares of the company’s stock, valued at C$193,840. This trade represents a 33.33% increase in their ownership of the stock. Corporate 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.