Cenovus Energy (TSE:CVE) Upgraded by National Bankshares to “Outperform” Rating

Cenovus Energy (TSE:CVE) (NYSE:CVE) was upgraded by research analysts at National Bankshares from a “sector perform” rating to an “outperform” rating in a research report issued on Monday,BayStreet.CA reports. The brokerage currently has a C$28.00 target price on the stock, up from their prior target price of C$24.00. National Bankshares’ target price indicates a potential upside of 21.90% from the stock’s previous close.

A number of other analysts have also recently commented on the stock. Veritas cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 14th. Jefferies Financial Group raised their price objective on shares of Cenovus Energy from C$24.00 to C$25.00 in a research note on Monday, August 18th. Desjardins lifted their price target on shares of Cenovus Energy from C$27.00 to C$27.50 and gave the stock a “buy” rating in a research note on Friday, August 1st. TD Securities lifted their price objective on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Finally, Raymond James Financial lifted their price objective on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of C$27.70.

Cenovus Energy Price Performance

Cenovus Energy stock traded up C$0.29 during mid-day trading on Monday, reaching C$22.97. 4,989,307 shares of the company’s stock traded hands, compared to its average volume of 7,165,761. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The company has a market cap of C$41.84 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 0.09 and a beta of 2.63. The stock has a 50 day moving average of C$19.96 and a two-hundred day moving average of C$19.10. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$26.47.

Insider Activity at Cenovus Energy

In other news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the firm’s stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of C$20.28, for a total value of C$13,886,994.98. Over the last ninety days, insiders sold 4,281,552 shares of company stock valued at $84,922,463. 32.03% of the stock is currently 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.