Cenovus Energy (TSE:CVE) PT Set at C$50.00 by Desjardins

Cenovus Energy (TSE:CVE) (NYSE:CVE) has been assigned a C$50.00 price objective by equities researchers at Desjardins in a report released on Friday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the stock. Desjardins’ target price would indicate a potential upside of 27.55% from the stock’s previous close.

A number of other research firms have also weighed in on CVE. Scotia boosted their target price on Cenovus Energy from C$38.00 to C$44.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Royal Bank Of Canada raised their price target on Cenovus Energy from C$45.00 to C$47.00 and gave the company an “outperform” rating in a report on Tuesday, May 19th. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th. JPMorgan Chase & Co. decreased their price objective on shares of Cenovus Energy from C$47.00 to C$45.00 in a report on Thursday, July 9th. Finally, UBS Group increased their price objective on shares of Cenovus Energy from C$36.00 to C$41.00 in a research report on Thursday, April 9th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of C$41.40.

Cenovus Energy Price Performance

Shares of TSE CVE opened at C$39.20 on Friday. The business’s 50 day moving average price is C$38.47 and its two-hundred day moving average price is C$33.65. The company has a market cap of C$73.10 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 0.09 and a beta of 0.17. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 42.29. Cenovus Energy has a twelve month low of C$19.05 and a twelve month high of C$44.13.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 earnings per share (EPS) for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%.The firm had revenue of C$12.36 billion for the quarter. On average, analysts predict that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Buying and Selling

In related news, insider Jonathan Michael Mckenzie sold 69,387 shares of the business’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the completion of the sale, the insider directly owned 1,143,824 shares in the company, valued at C$45,192,486.24. The trade was a 5.72% decrease in their position. Also, insider Susan Mary Anderson-Olney sold 37,072 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the completion of the sale, the insider owned 33,275 shares of the company’s stock, valued at C$1,326,008.75. This trade represents a 52.70% decrease in their ownership of the stock. In the last quarter, insiders have sold 225,897 shares of company stock worth $8,990,614. 32.03% of the stock is owned by corporate insiders.

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.