Royal Bank Of Canada Has Lowered Expectations for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price lowered by equities researchers at Royal Bank Of Canada from C$2,600.00 to C$30.00 in a report released on Monday,BayStreet.CA reports. Royal Bank Of Canada’s target price points to a potential upside of 17.28% from the company’s previous close.

Several other research firms have also recently issued reports on CVE. JPMorgan Chase & Co. cut their price objective on Cenovus Energy from C$32.00 to C$29.00 and set an “overweight” rating for the company in a research report on Thursday, September 11th. National Bankshares lowered their price target on shares of Cenovus Energy from C$29.00 to C$28.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 22nd. ATB Capital raised their price objective on shares of Cenovus Energy from C$25.00 to C$28.00 and gave the company an “outperform” rating in a research note on Monday, August 25th. Desjardins boosted their price objective on shares of Cenovus Energy from C$27.50 to C$29.00 in a report on Monday, August 25th. Finally, Scotiabank upped their target price on shares of Cenovus Energy from C$27.00 to C$29.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 14th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of C$28.45.

Cenovus Energy Stock Performance

Shares of CVE stock opened at C$25.58 on Monday. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The stock has a 50 day simple moving average of C$23.83 and a 200-day simple moving average of C$21.06. The company has a market cap of C$44.73 billion, a price-to-earnings ratio of 14.79, a price-to-earnings-growth ratio of 0.09 and a beta of 0.41. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$25.97.

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.