Cenovus Energy (TSE:CVE) Stock Price Expected to Rise, National Bankshares Analyst Says

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective upped by equities research analysts at National Bankshares from C$29.00 to C$34.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. National Bankshares’ price objective would indicate a potential upside of 22.79% from the stock’s current price.

A number of other research firms have also recently commented on CVE. JPMorgan Chase & Co. cut shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price target on the stock. in a report on Tuesday, January 20th. The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Scotiabank upped their price target on Cenovus Energy from C$29.00 to C$30.00 and gave the company a “hold” rating in a research report on Tuesday, January 20th. Raymond James Financial raised Cenovus Energy from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from C$30.00 to C$32.00 in a report on Thursday, October 9th. Finally, Royal Bank Of Canada lowered their price objective on Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 13th. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of C$29.41.

Cenovus Energy Price Performance

Shares of TSE:CVE opened at C$27.69 on Tuesday. The company has a market capitalization of C$52.23 billion, a P/E ratio of 16.01, a price-to-earnings-growth ratio of 0.09 and a beta of 0.65. The company’s 50-day moving average is C$24.50 and its 200 day moving average is C$23.56. 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 fifty-two week low of C$14.48 and a fifty-two week high of C$27.98.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Friday, October 31st. The company reported C$0.72 EPS for the quarter. The business 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%. On average, equities research analysts forecast that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insiders Place Their Bets

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

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.