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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective upped by analysts at Scotiabank from C$30.00 to C$34.00 in a research note issued on Friday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 9.85% from the company’s previous close.

CVE has been the topic of several other research reports. 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 note on Friday, December 12th. Morgan Stanley cut their price target on Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. TD Securities upped their price objective on Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a research note on Friday. Royal Bank Of Canada raised their target price on Cenovus Energy from C$31.00 to C$32.00 and gave the company an “outperform” rating in a research note on Friday. Finally, JPMorgan Chase & Co. downgraded shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price target for the company. in a report on Tuesday, January 20th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of C$31.50.

Cenovus Energy Stock Performance

Shares of CVE stock traded down C$0.73 on Friday, hitting C$30.95. 7,256,594 shares of the stock traded hands, compared to its average volume of 9,269,599. The company’s fifty day moving average is C$25.47 and its 200 day moving average is C$24.23. Cenovus Energy has a 1-year low of C$14.48 and a 1-year high of C$32.04. The company has a market capitalization of C$58.38 billion, a PE ratio of 17.89, a PEG ratio of 0.09 and a beta of 0.65. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00.

Insider Activity at Cenovus Energy

In related news, Director Michael John Crothers acquired 2,000 shares of the firm’s stock in a transaction dated 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 completion of the acquisition, the director directly owned 8,000 shares of the company’s stock, valued at approximately C$193,840. The trade was a 33.33% increase in their position. 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.