Cenovus Energy (TSE:CVE) Raised to “Strong-Buy” at Veritas

Cenovus Energy (TSE:CVE) (NYSE:CVE) was upgraded by stock analysts at Veritas from a “strong sell” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other brokerages have also recently issued reports on CVE. BMO Capital Markets cut their target price on Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. TD Securities boosted their price target 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, February 20th. Desjardins upped their price objective 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, February 20th. Morgan Stanley dropped their price objective on shares of Cenovus Energy from C$31.00 to C$29.00 in a research note on Friday, January 23rd. Finally, The Goldman Sachs Group upgraded shares of Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of C$32.00.

Cenovus Energy Stock Up 4.6%

CVE stock opened at C$32.18 on Tuesday. The stock’s 50 day simple moving average is C$27.60 and its 200 day simple moving average is C$25.25. Cenovus Energy has a fifty-two week low of C$14.48 and a fifty-two week high of C$32.62. The company has a debt-to-equity ratio of 53.80, a quick ratio of 1.00 and a current ratio of 1.57. The company has a market cap of C$60.47 billion, a P/E ratio of 14.97, a price-to-earnings-growth ratio of 0.09 and a beta of 0.63.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Thursday, February 19th. The company reported C$0.50 EPS for the quarter. The firm had revenue of C$10.88 billion during the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%. On average, research analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Insider Transactions at Cenovus Energy

In related news, Director Michael John Crothers purchased 2,000 shares of the firm’s stock in a transaction that occurred 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 completion of the acquisition, the director owned 8,000 shares of the company’s stock, valued at C$193,840. This represents a 33.33% increase in their position. Company 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.