CIBC Has Lowered Expectations for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective reduced by equities research analysts at CIBC from C$32.00 to C$28.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. CIBC’s price target would indicate a potential upside of 77.10% from the company’s current price.

A number of other research firms also recently weighed in on CVE. TD Securities decreased their target price on Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating on the stock in a research report on Monday, February 24th. Raymond James lifted their price objective on Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. Royal Bank of Canada cut their target price on Cenovus Energy from C$28.00 to C$26.00 in a research note on Tuesday, January 14th. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, Jefferies Financial Group dropped their price objective on shares of Cenovus Energy from C$32.00 to C$30.00 in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of C$29.40.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at C$15.81 on Thursday. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The company has a market cap of C$28.80 billion, a PE ratio of 7.79, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The firm has a fifty day moving average price of C$19.44 and a two-hundred day moving average price of C$21.26. Cenovus Energy has a fifty-two week low of C$14.48 and a fifty-two week high of C$29.65.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, Senior Officer John F. Soini acquired 5,880 shares of the business’s stock in a transaction on Wednesday, April 9th. The stock was purchased at an average price of C$16.89 per share, for a total transaction of C$99,313.20. Also, Senior Officer Jeffery George Lawson acquired 10,000 shares of Cenovus Energy stock in a transaction on Friday, February 21st. The stock was acquired at an average cost of C$21.39 per share, for a total transaction of C$213,900.00. Insiders have bought a total of 31,934 shares of company stock worth $619,586 over the last ninety days. 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.