Morgan Stanley Lowers Cenovus Energy (TSE:CVE) Price Target to C$29.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective cut by research analysts at Morgan Stanley from C$31.00 to C$29.00 in a research report issued on Friday,BayStreet.CA reports. Morgan Stanley’s price target indicates a potential upside of 12.75% from the stock’s current price.

Other research analysts have also recently issued reports about the company. JPMorgan Chase & Co. cut Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price objective on the stock. in a research note on Tuesday, January 20th. Raymond James Financial raised Cenovus Energy from an “outperform” rating to a “strong-buy” rating and boosted their target price for the company from C$30.00 to C$32.00 in a research note on Thursday, October 9th. Royal Bank Of Canada reduced their price target on Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 13th. Scotiabank lifted their price target on Cenovus Energy from C$29.00 to C$30.00 and gave the stock a “hold” rating in a research note on Tuesday, January 20th. Finally, Desjardins boosted their price objective 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. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of C$28.95.

Cenovus Energy Trading Up 1.2%

CVE stock opened at C$25.72 on Friday. The company has a market capitalization of C$48.52 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 0.09 and a beta of 0.50. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. Cenovus Energy has a one year low of C$14.48 and a one year high of C$26.36. The company’s 50 day moving average price is C$24.23 and its two-hundred day moving average price is C$23.15.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its earnings results 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 net margin of 6.72% and a return on equity of 12.67%. As a group, analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Insider Activity

In other Cenovus Energy news, Director Michael John Crothers bought 2,000 shares of Cenovus Energy stock in a transaction dated Monday, December 15th. The shares were purchased at an average cost of C$24.23 per share, with a total value of C$48,460.00. Following the completion of the purchase, 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 ownership of the stock. 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.