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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price raised by stock analysts at Scotiabank from C$49.00 to C$51.00 in a research note issued on Thursday,BayStreet.CA reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price objective would indicate a potential upside of 21.86% from the stock’s previous close.

A number of other analysts have also recently issued reports on the company. Royal Bank Of Canada increased their target price on Cenovus Energy from C$47.00 to C$51.00 and gave the stock an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. cut their price target on shares of Cenovus Energy from C$47.00 to C$45.00 in a research note on Thursday, July 9th. Desjardins set a C$50.00 price target on shares of Cenovus Energy and gave the company a “buy” rating in a report on Friday, July 17th. TD increased their price objective on shares of Cenovus Energy from C$45.00 to C$46.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Finally, Raymond James Financial raised their price objective on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the stock an “outperform” rating in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Cenovus Energy currently has a consensus rating of “Buy” and an average target price of C$43.73.

Cenovus Energy Trading Up 2.5%

CVE stock traded up C$1.02 during midday trading on Thursday, hitting C$41.85. 2,223,963 shares of the company’s stock were exchanged, compared to its average volume of 7,872,472. Cenovus Energy has a one year low of C$19.97 and a one year high of C$44.13. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57. The company has a market cap of C$78.04 billion, a PE ratio of 16.67, a price-to-earnings-growth ratio of 0.09 and a beta of 0.17. The stock’s fifty day moving average price is C$38.28 and its 200-day moving average price is C$34.71.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The company had revenue of C$17.43 billion during the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%. Research analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Insider Buying and Selling at Cenovus Energy

In related news, insider Jonathan Michael Mckenzie sold 69,387 shares of the business’s stock in a transaction 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 transaction, the insider directly owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. The trade was a 5.72% decrease in their ownership of the stock. Also, insider Susan Mary Anderson-Olney sold 37,072 shares of the business’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of C$39.85, for a total transaction of C$1,477,319.20. Following the transaction, the insider owned 33,275 shares in the company, valued at approximately C$1,326,008.75. The trade was a 52.70% decrease in their ownership of the stock. Insiders sold 225,897 shares of company stock valued at $8,990,614 over the last three months. 32.03% of the stock is owned by company insiders.

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.