The Goldman Sachs Group Upgrades Cenovus Energy (TSE:CVE) to “Strong-Buy”

Cenovus Energy (TSE:CVE) (NYSE:CVE) was upgraded by equities researchers at The Goldman Sachs Group to a “strong-buy” rating in a report released on Friday,Zacks.com reports.

A number of other analysts have also recently commented on CVE. Raymond James Financial upgraded shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from C$30.00 to C$32.00 in a research note on Thursday, October 9th. Royal Bank Of Canada raised their target price on shares of Cenovus Energy from C$30.00 to C$32.00 in a research note on Monday, November 17th. National Bankshares lowered their price target on Cenovus Energy from C$29.00 to C$28.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 22nd. Desjardins upped their price objective on Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a research note on Friday, December 12th. Finally, Scotiabank raised their price objective on Cenovus Energy from C$27.00 to C$29.00 and gave the company an “outperform” rating in a research report on Tuesday, October 14th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of C$29.59.

Cenovus Energy Stock Up 3.6%

CVE stock opened at C$24.05 on Friday. 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 has a 50 day moving average price of C$24.26 and a two-hundred day moving average price of C$22.63. The company has a market cap of C$45.37 billion, a price-to-earnings ratio of 13.90, a P/E/G ratio of 0.09 and a beta of 0.47. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$26.36.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Friday, October 31st. The company reported C$0.72 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%.The company had revenue of C$13.20 billion for the quarter. Analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Buying and Selling at Cenovus Energy

In other news, Director Michael John Crothers purchased 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was acquired at an average cost of C$24.23 per share, with a total value of C$48,460.00. Following the acquisition, the director owned 8,000 shares in the company, valued at approximately C$193,840. This trade represents a 33.33% increase in their position. Company insiders own 32.03% of the company’s stock.

About Cenovus Energy

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.