Raymond James Financial Forecasts Strong Price Appreciation for Cenovus Energy (TSE:CVE) Stock

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target lifted by research analysts at Raymond James Financial from C$29.00 to C$30.00 in a report released on Friday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Raymond James Financial’s target price indicates a potential upside of 46.84% from the company’s previous close. Raymond James Financial also issued estimates for Cenovus Energy’s FY2029 earnings at $2.88 EPS.

A number of other equities research analysts have also recently commented on CVE. TD Securities lifted their price objective on Cenovus Energy from C$25.00 to C$26.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Desjardins decreased their price objective on Cenovus Energy from C$24.50 to C$22.50 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Veritas cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 14th. JPMorgan Chase & Co. decreased their price objective on Cenovus Energy from C$34.00 to C$32.00 and set an “overweight” rating for the company in a research note on Friday, April 11th. Finally, CIBC decreased their price objective on Cenovus Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$27.72.

Cenovus Energy Stock Down 3.1%

TSE CVE opened at C$20.43 on Friday. The stock has a fifty day moving average of C$19.38 and a 200-day moving average of C$19.19. The stock has a market capitalization of C$37.22 billion, a P/E ratio of 10.07, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 52 week low of C$14.48 and a 52 week high of C$27.44. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59.

Insider Transactions at Cenovus Energy

In other news, Senior Officer Jonathan Michael Mckenzie purchased 50,000 shares of the business’s stock in a transaction dated Tuesday, May 20th. The shares were bought at an average cost of C$18.49 per share, for a total transaction of C$924,500.00. Also, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the business’s stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of C$20.28, for a total value of C$13,886,994.98. Over the last 90 days, insiders sold 4,358,981 shares of company stock worth $86,440,451. 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.