Cenovus Energy (TSE:CVE) Raised to “Strong-Buy” at Raymond James Financial

Cenovus Energy (TSE:CVE) (NYSE:CVE) was upgraded by analysts at Raymond James Financial from an “outperform” rating to a “strong-buy” rating in a report issued on Thursday, MarketBeat reports. The firm presently has a C$32.00 price target on the stock, up from their previous price target of C$30.00. Raymond James Financial’s price objective indicates a potential upside of 31.96% from the company’s previous close.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. reduced their target price on Cenovus Energy from C$32.00 to C$29.00 and set an “overweight” rating on the stock in a report on Thursday, September 11th. National Bank Financial raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. ATB Capital raised their price target on Cenovus Energy from C$25.00 to C$28.00 and gave the stock an “outperform” rating in a report on Monday, August 25th. Desjardins raised their price target on Cenovus Energy from C$27.50 to C$29.00 in a report on Monday, August 25th. Finally, Royal Bank Of Canada raised their price target on Cenovus Energy from C$25.00 to C$26.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of C$28.10.

Cenovus Energy Trading Down 4.4%

TSE:CVE opened at C$24.25 on Thursday. 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 business’s 50 day moving average is C$22.76 and its two-hundred day moving average is C$19.96. Cenovus Energy has a 52 week low of C$14.48 and a 52 week high of C$25.97. The company has a market cap of C$43.64 billion, a PE ratio of 16.84, a P/E/G ratio of 0.09 and a beta of 0.66.

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.