National Bankshares Forecasts Strong Price Appreciation for Cenovus Energy (TSE:CVE) Stock

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price increased by equities research analysts at National Bankshares from C$29.00 to C$34.00 in a research report issued on Tuesday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. National Bankshares’ price objective points to a potential upside of 25.37% from the company’s previous close.

Other analysts have also issued research reports about the stock. Scotiabank lifted their price objective on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the stock a “hold” rating in a research report on Tuesday, January 20th. Royal Bank Of Canada decreased their price objective on Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating for the company in a report on Tuesday, January 13th. Morgan Stanley reduced their target price on shares of Cenovus Energy from C$31.00 to C$29.00 in a research note on Friday, January 23rd. JPMorgan Chase & Co. lowered shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price target on the stock. in a research report on Tuesday, January 20th. Finally, Desjardins lifted their price objective on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a research note on Friday, December 12th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of C$29.41.

Cenovus Energy Trading Up 2.0%

CVE traded up C$0.53 during trading on Tuesday, hitting C$27.12. The company’s stock had a trading volume of 3,683,360 shares, compared to its average volume of 9,951,074. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The firm has a market capitalization of C$51.16 billion, a P/E ratio of 15.68, a PEG ratio of 0.09 and a beta of 0.50. The stock’s fifty day moving average price is C$24.38 and its 200-day moving average price is C$23.47. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$27.98.

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

Insiders Place Their Bets

In related news, Director Michael John Crothers acquired 2,000 shares of the firm’s stock in a transaction on Monday, December 15th. The stock was acquired at an average cost of C$24.23 per share, for a total transaction of C$48,460.00. Following the acquisition, the director 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. 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.