National Bankshares Forecasts Strong Price Appreciation for Cenovus Energy (TSE:CVE) Stock

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price increased by research analysts at National Bankshares from C$28.00 to C$29.00 in a research note issued to investors on Friday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. National Bankshares’ price objective points to a potential upside of 26.80% from the stock’s previous close.

Other equities analysts have also issued reports about the company. The Goldman Sachs Group raised Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Scotiabank boosted their target price on shares of 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. Desjardins increased their target price on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the stock a “buy” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. decreased their price target on shares of Cenovus Energy from C$32.00 to C$29.00 and set an “overweight” rating for the company in a research note on Thursday, September 11th. Finally, Morgan Stanley upped their price objective on shares of Cenovus Energy from C$26.00 to C$31.00 in a report on Thursday, November 20th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of C$29.68.

Cenovus Energy Stock Performance

Shares of CVE opened at C$22.87 on Friday. 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 firm’s fifty day simple moving average is C$24.15 and its two-hundred day simple moving average is C$22.73. Cenovus Energy has a 12 month low of C$14.48 and a 12 month high of C$26.36. The stock has a market capitalization of C$43.14 billion, a P/E ratio of 13.22, a price-to-earnings-growth ratio of 0.09 and a beta of 0.50.

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. As a group, analysts predict that Cenovus Energy will post 2.2619279 EPS for the current year.

Insiders Place Their Bets

In related news, Director Michael John Crothers purchased 2,000 shares of the business’s stock in a transaction on Monday, December 15th. The stock was acquired at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the purchase, the director owned 8,000 shares of the company’s stock, valued at approximately C$193,840. This trade represents a 33.33% increase in their ownership of the stock. 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.