Cenovus Energy (TSE:CVE) Price Target Raised to C$29.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price raised by analysts at Jefferies Financial Group from C$25.00 to C$29.00 in a report issued on Tuesday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price target would suggest a potential upside of 27.42% from the company’s previous close.

CVE has been the topic of several other research reports. Raymond James Financial upped their price objective on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Veritas lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 14th. TD Securities upped their price objective on shares of Cenovus Energy from C$25.00 to C$26.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Desjardins upped their price objective on shares of Cenovus Energy from C$27.50 to C$29.00 in a research note on Monday, August 25th. Finally, National Bank Financial upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Buy” and a consensus target price of C$28.10.

Cenovus Energy Stock Down 2.7%

CVE stock opened at C$22.76 on Tuesday. Cenovus Energy has a 52-week low of C$14.48 and a 52-week high of C$25.31. The company’s 50 day simple moving average is C$20.52 and its 200-day simple moving average is C$19.21. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The firm has a market capitalization of C$40.96 billion, a P/E ratio of 15.81, a P/E/G ratio of 0.09 and a beta of 0.73.

Insider Buying and Selling

In other Cenovus Energy news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the business’s stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of C$20.28, for a total value of C$13,886,994.98. Insiders have sold 4,281,552 shares of company stock valued at $84,922,463 over the last ninety days. Insiders own 32.03% of the company’s stock.

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.