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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective hoisted by analysts at Scotiabank from C$30.00 to C$34.00 in a report issued on Friday, Marketbeat reports. The brokerage presently has an “outperform” rating on the stock. Scotiabank’s price target points to a potential upside of 10.10% from the company’s previous close.

Several other brokerages also recently commented on CVE. Desjardins upped their price target on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a research report on Friday, December 12th. Morgan Stanley cut their target price on shares of 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 research report on Friday, January 2nd. JPMorgan Chase & Co. downgraded Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price target on the stock. in a report on Tuesday, January 20th. Finally, TD Securities increased their price objective on Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of C$31.50.

Cenovus Energy Stock Performance

Shares of CVE opened at C$30.88 on Friday. Cenovus Energy has a one year low of C$14.48 and a one year high of C$32.04. The company has a 50-day moving average of C$25.59 and a two-hundred day moving average of C$24.33. The stock has a market cap of C$58.25 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 0.09 and a beta of 0.65. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00.

Insider Buying and Selling at Cenovus Energy

In other news, Director Michael John Crothers acquired 2,000 shares of the business’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, for a total transaction of C$48,460.00. Following the completion of the acquisition, the director owned 8,000 shares in the company, valued at approximately C$193,840. The trade was a 33.33% increase in their ownership of the stock. Company 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.