Raymond James Financial Forecasts Strong Price Appreciation for Cenovus Energy (TSE:CVE) Stock

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective lifted by investment analysts at Raymond James Financial from C$33.00 to C$42.00 in a research note issued on Monday,BayStreet.CA reports. Raymond James Financial’s price objective would indicate a potential upside of 13.76% from the company’s current price.

Several other equities research analysts have also issued reports on the company. BMO Capital Markets lowered their price objective on Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating for the company in a research note on Friday, February 20th. ATB Cormark Capital Markets boosted their target price on Cenovus Energy from C$29.00 to C$34.00 in a research report on Monday, February 23rd. Desjardins increased their price target on Cenovus Energy from C$33.00 to C$36.00 and gave the company a “buy” rating in a report on Friday, February 20th. Jefferies Financial Group raised their price target on Cenovus Energy from C$30.00 to C$37.00 in a research report on Monday, March 16th. Finally, Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cenovus Energy currently has a consensus rating of “Buy” and a consensus target price of C$35.33.

Cenovus Energy Stock Down 0.3%

Shares of TSE CVE opened at C$36.92 on Monday. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 53.80. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$38.50. The firm’s 50-day moving average price is C$30.58 and its 200-day moving average price is C$26.40. The stock has a market capitalization of C$69.38 billion, a price-to-earnings ratio of 17.17, a P/E/G ratio of 0.09 and a beta of 0.63.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Thursday, February 19th. The company reported C$0.50 EPS for the quarter. Cenovus Energy had a return on equity of 13.16% and a net margin of 7.91%.The company had revenue of C$10.88 billion during the quarter. On average, equities research analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Activity at Cenovus Energy

In other news, insider John F. Soini sold 10,275 shares of the stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the sale, the insider directly owned 2,114 shares in the company, valued at approximately C$74,264.82. This represents a 82.94% decrease in their ownership of the stock. Corporate 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.