Cenovus Energy (TSE:CVE) Stock Gets Price Target Boost from Raymond James Financial

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target increased by equities researchers at Raymond James Financial from C$51.00 to C$53.00 in a report released on Thursday, BayStreet reports. The brokerage currently has an “outperform” rating on the stock. Raymond James Financial‘s price target suggests a potential upside of 36.81% from the company’s current price.

A number of other research analysts also recently commented on the stock. Canadian Imperial Bank of Commerce raised their target price on shares of Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. ATB Cormark Capital Markets upped their price target on shares of Cenovus Energy from C$49.00 to C$55.00 and gave the stock an “outperform” rating in a research report on Thursday, October 22nd. TD increased their price objective on shares of Cenovus Energy from C$55.00 to C$56.00 and gave the company a “buy” rating in a research note on Thursday. Scotiabank lifted their price objective on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a report on Thursday, July 30th. Finally, National Bank Financial boosted their price objective on shares of Cenovus Energy from C$57.00 to C$58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 20th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of C$47.12.

Cenovus Energy Stock Down 0.1%

Shares of Cenovus Energy stock traded down C$0.02 during trading on Thursday, hitting C$38.74. 7,084,074 shares of the stock traded hands, compared to its average volume of 7,195,416. The firm has a market cap of C$70.02 billion, a P/E ratio of 10.76, a price-to-earnings-growth ratio of 0.09 and a beta of 0.16. The company has a current ratio of 1.64, a quick ratio of 1.00 and a debt-to-equity ratio of 8.52. Cenovus Energy has a 52-week low of C$21.62 and a 52-week high of C$47.46. The stock’s fifty day simple moving average is C$44.84 and its 200 day simple moving average is C$38.46.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Wednesday, November 4th. The company reported C$1.83 earnings per share for the quarter. Cenovus Energy had a return on equity of 26.15% and a net margin of 15.42%. The firm had revenue of C$15.98 billion during the quarter. On average, equities analysts predict that Cenovus Energy will post 2.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, insider John F. Soini sold 26,223 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the completion of the transaction, the insider directly owned 2,114 shares of the company’s stock, valued at approximately C$94,960.88. This trade represents a 92.54% decrease in their position. Also, Director Alex Pourbaix sold 432,731 shares of Cenovus Energy stock in a transaction that occurred 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 sale, the director owned 1,455,996 shares of the company’s stock, valued at approximately C$61,224,631.80. The trade was a 22.91% decrease in their ownership of the stock. Insiders have sold a total of 601,524 shares of company stock worth $25,546,211 in the last 90 days. Corporate 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.