TD Securities Issues Pessimistic Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price decreased by equities researchers at TD Securities from C$29.00 to C$28.00 in a research note issued on Monday,BayStreet.CA reports. The firm presently has a “buy” rating on the stock. TD Securities’ price target would suggest a potential upside of 39.10% from the stock’s previous close.

A number of other equities analysts also recently issued reports on CVE. 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. Raymond James raised their price target on Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. BMO Capital Markets reduced their price target on Cenovus Energy from C$28.00 to C$25.00 in a report on Friday, December 13th. Jefferies Financial Group reduced their price target on Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. Finally, National Bankshares downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from C$28.00 to C$25.00 in a report on Friday, February 21st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Cenovus Energy currently has an average rating of “Moderate Buy” and an average target price of C$29.89.

Cenovus Energy Price Performance

CVE opened at C$20.13 on Monday. The stock has a fifty day simple moving average of C$21.50 and a two-hundred day simple moving average of C$22.70. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The company has a market cap of C$36.67 billion, a price-to-earnings ratio of 9.92, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 12-month low of C$19.80 and a 12-month high of C$29.96.

Insider Activity at Cenovus Energy

In related news, Senior Officer Jeffery George Lawson bought 4,600 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was purchased at an average price of C$21.74 per share, for a total transaction of C$100,004.00. Also, insider Cenovus Energy Inc. acquired 44,700 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were acquired at an average price of C$22.07 per share, with a total value of C$986,658.63. In the last 90 days, insiders have acquired 65,300 shares of company stock valued at $1,427,360. 32.03% of the stock is owned by company insiders.

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.