Desjardins Upgrades Cenovus Energy (TSE:CVE) to “Moderate Buy”

Cenovus Energy (TSE:CVE) (NYSE:CVE) was upgraded by investment analysts at Desjardins to a “moderate buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of Cenovus Energy from C$47.00 to C$45.00 in a research note on Thursday, July 9th. Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and boosted their price objective for the stock from C$41.00 to C$42.00 in a research report on Wednesday, May 6th. UBS Group increased their price objective on Cenovus Energy from C$36.00 to C$41.00 in a report on Thursday, April 9th. National Bank Financial raised their target price on Cenovus Energy from C$30.00 to C$57.00 and gave the company an “outperform” rating in a research report on Tuesday, March 31st. Finally, Scotiabank raised Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Cenovus Energy presently has an average rating of “Buy” and a consensus price target of C$41.40.

Cenovus Energy Stock Up 2.4%

CVE stock opened at C$39.20 on Thursday. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 42.29. Cenovus Energy has a fifty-two week low of C$19.05 and a fifty-two week high of C$44.13. The firm’s 50-day simple moving average is C$38.47 and its 200 day simple moving average is C$33.65. The stock has a market cap of C$73.10 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 0.09 and a beta of 0.17.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 earnings per share for the quarter. The firm 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%. As a group, sell-side analysts predict that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Buying and Selling

In related news, 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 transaction of C$2,741,480.37. Following the completion of the sale, the insider directly owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. This trade represents a 5.72% decrease in their ownership of the stock. Also, insider Susan Mary Anderson-Olney sold 19,379 shares of the firm’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 transaction of C$810,817.36. Following the sale, the insider owned 33,275 shares of the company’s stock, valued at C$1,392,226. The trade was a 36.80% decrease in their ownership of the stock. Insiders sold a total of 225,897 shares of company stock worth $8,990,614 over the last quarter. 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.