Cenovus Energy (TSE:CVE) Price Target Cut to C$28.00 by Analysts at TD Securities

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective cut by stock analysts at TD Securities from C$29.00 to C$28.00 in a note issued to investors on Monday,BayStreet.CA reports. The firm currently has a “buy” rating on the stock. TD Securities’ price objective points to a potential upside of 34.74% from the stock’s previous close.

CVE has been the subject of several other research reports. Royal Bank of Canada dropped their price target on Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. National Bank Financial downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday. BMO Capital Markets cut their price objective on shares of Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. Raymond James lifted their price target on shares of Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. Finally, National Bankshares downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from C$28.00 to C$25.00 in a research note on Friday. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy has an average rating of “Moderate Buy” and a consensus target price of C$29.89.

Cenovus Energy Price Performance

CVE traded up C$0.03 during trading hours on Monday, hitting C$20.78. The company’s stock had a trading volume of 2,387,411 shares, compared to its average volume of 4,930,332. Cenovus Energy has a 12 month low of C$20.16 and a 12 month high of C$29.96. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The business’s 50-day moving average price is C$21.52 and its 200-day moving average price is C$22.72. The stock has a market cap of C$37.85 billion, a price-to-earnings ratio of 10.24, a P/E/G ratio of 0.09 and a beta of 2.63.

Insiders Place Their Bets

In other Cenovus Energy news, insider Cenovus Energy Inc. acquired 44,700 shares of the stock in a transaction dated Monday, December 2nd. The stock was purchased at an average price of C$22.07 per share, with a total value of C$986,658.63. Also, Senior Officer Jeffery George Lawson purchased 10,000 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was acquired at an average price of C$21.39 per share, with a total value of C$213,900.00. Insiders purchased a total of 65,300 shares of company stock worth $1,427,360 over the last 90 days. 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.