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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target lifted by analysts at Raymond James from C$32.00 to C$33.00 in a report released on Friday,BayStreet.CA reports. Raymond James’ price objective points to a potential upside of 52.28% from the company’s current price.

A number of other brokerages have also issued reports on CVE. BMO Capital Markets decreased their target price on shares of Cenovus Energy from C$31.00 to C$28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Jefferies Financial Group decreased their target price on shares of Cenovus Energy from C$36.00 to C$33.00 and set a “buy” rating for the company in a research report on Monday, September 16th. National Bankshares decreased their target price on shares of Cenovus Energy from C$38.00 to C$31.00 in a research report on Friday, September 27th. Royal Bank of Canada decreased their target price on shares of Cenovus Energy from C$29.00 to C$28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, TD Securities cut their price target on shares of Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating for the company in a report on Friday. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of C$31.50.

Cenovus Energy Price Performance

CVE traded up C$0.36 on Friday, reaching C$21.67. The company had a trading volume of 1,787,122 shares, compared to its average volume of 5,305,858. The company has a fifty day moving average of C$22.74 and a 200-day moving average of C$24.66. The company has a market capitalization of C$40.31 billion, a P/E ratio of 8.64, a PEG ratio of 0.09 and a beta of 2.63. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 33.34. Cenovus Energy has a one year low of C$19.82 and a one year high of C$29.96.

Insider Buying and Selling

In related news, Senior Officer Jeffery George Lawson acquired 4,000 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were purchased at an average price of C$22.50 per share, with a total value of C$90,000.00. Also, Senior Officer Geoffrey Murray acquired 3,200 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were bought at an average cost of C$22.54 per share, for a total transaction of C$72,112.00. Insiders bought 7,700 shares of company stock worth $173,232 in the last quarter. 32.03% of the stock is owned by corporate insiders.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.