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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective lifted by Scotiabank from C$29.00 to C$30.00 in a note issued to investors on Tuesday, MarketBeat.com reports. The firm presently has a “hold” rating on the stock. Scotiabank’s price target points to a potential upside of 17.37% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Desjardins lifted their price target on 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. JPMorgan Chase & Co. cut shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price objective on the stock. in a research report on Tuesday. Royal Bank Of Canada decreased their target price on Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating for the company in a research report on Tuesday, January 13th. Raymond James Financial upgraded Cenovus Energy from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from C$30.00 to C$32.00 in a report on Thursday, October 9th. Finally, The Goldman Sachs Group upgraded shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of C$29.14.

Cenovus Energy Stock Up 4.5%

Shares of TSE CVE opened at C$25.56 on Tuesday. The stock has a market capitalization of C$48.22 billion, a PE ratio of 14.77, a P/E/G ratio of 0.09 and a beta of 0.50. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The firm has a fifty day moving average of C$24.22 and a 200-day moving average of C$23.06. Cenovus Energy has a 52-week low of C$14.48 and a 52-week high of C$26.36.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Friday, October 31st. The company reported C$0.72 EPS for the quarter. The company had revenue of C$13.20 billion for the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%. On average, analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Buying and Selling

In other news, Director Michael John Crothers bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was bought at an average price of C$24.23 per share, with a total value of C$48,460.00. Following the acquisition, the director owned 8,000 shares of the company’s stock, valued at approximately C$193,840. This represents a 33.33% increase in their position. 32.03% of the stock is currently owned by 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.