Raymond James Financial Increases Cenovus Energy (TSE:CVE) Price Target to C$33.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target lifted by research analysts at Raymond James Financial from C$30.00 to C$33.00 in a research note issued to investors on Friday,BayStreet.CA reports. The firm presently has a “strong-buy” rating on the stock. Raymond James Financial’s price target indicates a potential upside of 6.87% from the company’s current price.

A number of other research firms have also recently commented on CVE. Desjardins increased their target price on shares of Cenovus Energy from C$33.00 to C$36.00 and gave the stock a “buy” rating in a report on Friday. Scotiabank lifted their price target on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the company an “outperform” rating in a report on Friday. JPMorgan Chase & Co. downgraded shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price objective for the company. in a research note on Tuesday, January 20th. BMO Capital Markets cut their target price on shares of Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, National Bank Financial boosted their target price on shares of Cenovus Energy from C$29.00 to C$34.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Cenovus Energy has a consensus rating of “Buy” and an average target price of C$31.50.

Cenovus Energy Price Performance

Shares of CVE stock opened at C$30.88 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. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$32.04. The company has a market cap of C$58.25 billion, a P/E ratio of 17.85, a P/E/G ratio of 0.09 and a beta of 0.65. The business has a fifty day simple moving average of C$25.59 and a 200 day simple moving average of C$24.33.

Insider Buying and Selling

In other Cenovus Energy news, Director Michael John Crothers bought 2,000 shares of Cenovus Energy stock in a transaction on Monday, December 15th. The shares were purchased at an average cost of C$24.23 per share, with a total value of C$48,460.00. Following the acquisition, the director directly owned 8,000 shares of the company’s stock, valued at C$193,840. The trade was a 33.33% increase in their position. 32.03% of the stock is currently owned by corporate insiders.

Key Stories Impacting Cenovus Energy

Here are the key news stories impacting Cenovus Energy this week:

• Positive Sentiment: Q4 results showed record production and an earnings beat, reinforcing the company’s operational story after the MEG acquisition — a clear fundamental positive for future cash flow and shareholder returns. Cenovus reports production records, focuses on boosting operations after acquiring MEG
• Positive Sentiment: Multiple brokerages raised price targets and ratings today (TD to C$35, Desjardins to C$36, Scotiabank to C$34, Raymond James to C$33, RBC to C$32), signaling analyst confidence and implying mid‑single- to mid‑teens upside from current levels. BayStreet.CA analyst roundup
• Neutral Sentiment: Elevated trading volume and the stock sitting near its 1‑year high indicate active profit-taking and rotation; technicals (50/200-day averages both well below current price) support the view that recent strength may be consolidating rather than reversing.
• Negative Sentiment: BMO trimmed its price target (from C$38 to C$35) — still an outperform rating, but the cut is a relative negative among the otherwise upbeat analyst moves and could contribute to intraday selling pressure. BayStreet.CA analyst roundup

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.