Cenovus Energy (TSE:CVE) Given New C$50.00 Price Target at TD

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price boosted by stock analysts at TD from C$49.00 to C$50.00 in a note issued to investors on Tuesday, BayStreet reports. The firm presently has a “buy” rating on the stock. TD’s price target suggests a potential upside of 8.15% from the company’s current price.

A number of other analysts have also recently commented on CVE. ATB Cormark Capital Markets upped their price objective on Cenovus Energy from C$42.50 to C$49.00 and gave the company an “outperform” rating in a research report on Tuesday, October 6th. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and lifted their price target for the stock from C$42.00 to C$46.00 in a research note on Monday, June 29th. UBS Group lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Scotiabank upped their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a research note on Thursday, July 30th. Finally, National Bank Financial decreased their target price on Cenovus Energy from C$60.00 to C$57.00 and set an “outperform” rating on the stock in a report on Tuesday, October 6th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Cenovus Energy has an average rating of “Buy” and a consensus price target of C$46.12.

Cenovus Energy Stock Up 3.3%

Shares of TSE:CVE traded up C$1.48 during trading on Tuesday, reaching C$46.23. 2,719,600 shares of the stock traded hands, compared to its average volume of 7,260,388. The stock has a market cap of C$85.26 billion, a P/E ratio of 12.84, a price-to-earnings-growth ratio of 0.09 and a beta of 0.28. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The stock has a 50-day moving average of C$44.19 and a two-hundred day moving average of C$40.30. Cenovus Energy has a 52-week low of C$21.62 and a 52-week high of C$47.45.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. The company had revenue of C$17.43 billion during the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. As a group, sell-side analysts expect that Cenovus Energy will post 2.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cenovus Energy news, Director Alex Pourbaix sold 432,731 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of C$42.05, for a total transaction of C$18,196,338.55. Following the transaction, the director owned 1,455,996 shares in the company, valued at C$61,224,631.80. The trade was a 22.91% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the transaction, the insider owned 843,824 shares in the company, valued at C$36,697,905.76. The trade was a 11.06% decrease in their ownership of the stock. Over the last quarter, insiders sold 601,524 shares of company stock worth $25,546,211. Corporate 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.