Desjardins Raises Cenovus Energy (TSE:CVE) Price Target to C$36.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective hoisted by research analysts at Desjardins from C$33.00 to C$36.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has a “buy” rating on the stock. Desjardins’ price objective would suggest a potential upside of 16.58% from the company’s previous close.

A number of other brokerages have also recently issued reports on CVE. Scotiabank increased their target price on Cenovus Energy from C$30.00 to C$34.00 and gave the stock an “outperform” rating in a report on Friday. Royal Bank Of Canada boosted their price target on Cenovus Energy from C$31.00 to C$32.00 and gave the company an “outperform” rating in a research note on Friday. Morgan Stanley dropped their price objective on Cenovus Energy from C$31.00 to C$29.00 in a research note on Friday, January 23rd. The Goldman Sachs Group raised Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Finally, TD Securities boosted their target price on shares of Cenovus Energy from C$28.00 to C$35.00 and gave the company a “buy” rating in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of C$31.50.

Cenovus Energy Stock Performance

TSE:CVE opened at C$30.88 on Friday. The firm has a market capitalization of C$58.25 billion, a PE ratio of 17.85, a price-to-earnings-growth ratio of 0.09 and a beta of 0.65. 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 12-month low of C$14.48 and a 12-month high of C$32.04. The firm has a 50-day moving average price of C$25.59 and a 200 day moving average price of C$24.33.

Insider Activity at Cenovus Energy

In other Cenovus Energy news, Director Michael John Crothers bought 2,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were bought at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the completion of the acquisition, 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.

Key Headlines 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.