TD Increases Cenovus Energy (TSE:CVE) Price Target to C$46.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective hoisted by TD from C$45.00 to C$46.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. TD’s target price points to a potential upside of 9.86% from the company’s current price.

A number of other analysts have also issued reports on the stock. JPMorgan Chase & Co. decreased their target price on shares of Cenovus Energy from C$47.00 to C$45.00 in a research report on Thursday, July 9th. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a report on Friday, June 26th. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and increased their price target for the stock from C$42.00 to C$46.00 in a research note on Monday, June 29th. UBS Group raised their price objective on Cenovus Energy from C$36.00 to C$41.00 in a report on Thursday, April 9th. Finally, Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and lifted their price objective for the company from C$41.00 to C$42.00 in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of C$41.47.

Cenovus Energy Price Performance

CVE stock opened at C$41.87 on Wednesday. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57. Cenovus Energy has a 1 year low of C$19.05 and a 1 year high of C$44.13. The stock’s 50 day moving average price is C$38.47 and its 200 day moving average price is C$34.21. The firm has a market cap of C$78.08 billion, a P/E ratio of 16.68, a PEG ratio of 0.09 and a beta of 0.17.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data on Wednesday, May 6th. The company reported C$0.84 EPS for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%.The firm had revenue of C$12.36 billion during the quarter. On average, sell-side analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Insider Buying and Selling at Cenovus Energy

In related news, insider Susan Mary Anderson-Olney sold 19,379 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of C$41.84, for a total value of C$810,817.36. Following the transaction, the insider directly owned 33,275 shares of the company’s stock, valued at approximately C$1,392,226. This trade represents a 36.80% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the completion of the transaction, the insider directly owned 1,143,824 shares in the company, valued at C$45,192,486.24. This trade represents a 5.72% decrease in their ownership of the stock. Insiders have sold a total of 225,897 shares of company stock valued at $8,990,614 over the last three months. 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.