National Bank Financial Boosts Cenovus Energy (TSE:CVE) Price Target to C$57.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target increased by research analysts at National Bank Financial from C$30.00 to C$57.00 in a report released on Tuesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. National Bank Financial’s price objective indicates a potential upside of 58.95% from the company’s current price.

Several other research analysts have also recently issued reports on the company. TD Securities upped their price objective on Cenovus Energy from C$28.00 to C$35.00 and gave the stock a “buy” rating in a research report 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 note on Monday, February 23rd. Morgan Stanley lowered their price target on Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. Scotiabank increased their price target on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the company an “outperform” rating in a research note on Friday, February 20th. Finally, Jefferies Financial Group raised their price objective on shares of Cenovus Energy from C$30.00 to C$37.00 in a report on Monday, March 16th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cenovus Energy has an average rating of “Buy” and a consensus price target of C$35.33.

Cenovus Energy Price Performance

Cenovus Energy stock opened at C$35.86 on Tuesday. The stock has a market cap of C$67.39 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 0.09 and a beta of 0.63. The company has a fifty day simple moving average of C$30.79 and a 200-day simple moving average of C$26.46. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$38.50. 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 (TSE:CVE) (NYSE:CVE) last posted its 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 firm had revenue of C$10.88 billion for the quarter. Equities analysts expect 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 business’s stock in a transaction dated 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 completion of the sale, the insider directly owned 2,114 shares of the company’s stock, valued at approximately C$74,264.82. The trade was a 82.94% decrease in their position. 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.