Cenovus Energy (TSE:CVE) Stock Price Expected to Rise, TD Securities Analyst Says

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price upped by investment analysts at TD Securities from C$25.00 to C$26.00 in a report issued on Friday,BayStreet.CA reports. The firm presently has a “buy” rating on the stock. TD Securities’ price objective points to a potential upside of 40.92% from the stock’s current price.

CVE has been the topic of a number of other reports. Desjardins dropped their price target on Cenovus Energy from C$24.50 to C$22.50 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Jefferies Financial Group decreased their target price on shares of Cenovus Energy from C$32.00 to C$30.00 in a research report on Thursday, January 30th. Royal Bank of Canada decreased their price objective on Cenovus Energy from C$28.00 to C$26.00 in a report on Tuesday, January 14th. JPMorgan Chase & Co. reduced their price objective on shares of Cenovus Energy from C$34.00 to C$32.00 and set an “overweight” rating for the company in a report on Friday, April 11th. Finally, National Bank Financial cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 20th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of C$28.15.

Cenovus Energy Price Performance

Shares of TSE CVE opened at C$18.45 on Friday. The company has a market capitalization of C$33.61 billion, a price-to-earnings ratio of 9.09, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$28.82. The business has a 50 day simple moving average of C$17.74 and a 200-day simple moving average of C$20.30. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59.

Insiders Place Their Bets

In related news, Senior Officer Karamjit Singh Sandhar bought 5,000 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was bought at an average price of C$20.05 per share, with a total value of C$100,250.00. Also, Senior Officer John F. Soini purchased 4,104 shares of the company’s stock in a transaction dated Tuesday, March 18th. The stock was bought at an average cost of C$19.48 per share, for a total transaction of C$79,945.92. In the last three months, insiders have bought 32,934 shares of company stock worth $637,721. Corporate 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.