TD Issues Positive Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective increased by analysts at TD from C$45.00 to C$46.00 in a research note issued on Wednesday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. TD’s target price would suggest a potential upside of 12.91% from the company’s current price.

A number of other research analysts have also issued reports on CVE. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and boosted their price target for the stock from C$42.00 to C$46.00 in a research note on Monday, June 29th. Desjardins set a C$50.00 price objective on shares of Cenovus Energy and gave the company a “buy” rating in a research report on Friday, July 17th. UBS Group lifted their price objective on Cenovus Energy from C$36.00 to C$41.00 in a report on Thursday, April 9th. National Bank Financial increased their target price on Cenovus Energy from C$30.00 to C$57.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 31st. Finally, Scotiabank raised Cenovus Energy to a “strong-buy” rating in a report on Friday, June 26th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of C$41.47.

Cenovus Energy Stock Performance

Shares of TSE CVE traded up C$0.14 during mid-day trading on Wednesday, hitting C$40.74. 2,476,652 shares of the company were exchanged, compared to its average volume of 8,001,410. The stock has a 50 day simple moving average of C$38.46 and a 200-day simple moving average of C$33.96. Cenovus Energy has a 1-year low of C$19.05 and a 1-year high of C$44.13. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 42.29. The firm has a market cap of C$75.97 billion, a price-to-earnings ratio of 16.23, a price-to-earnings-growth ratio of 0.09 and a beta of 0.17.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 earnings per share (EPS) for the quarter. The company had revenue of C$12.36 billion for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. On average, sell-side analysts forecast that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Susan Mary Anderson-Olney sold 19,379 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of C$41.84, for a total value of C$810,817.36. Following the sale, the insider owned 33,275 shares in the company, valued at C$1,392,226. This represents a 36.80% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the completion of the transaction, the insider directly owned 1,143,824 shares of the company’s stock, valued at C$45,192,486.24. The trade was a 5.72% decrease in their ownership of the stock. Over the last quarter, insiders have sold 225,897 shares of company stock valued at $8,990,614. Insiders own 32.03% of the company’s stock.

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.