Cenovus Energy (TSE:CVE) Given New C$28.00 Price Target at CIBC

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price reduced by equities research analysts at CIBC from C$32.00 to C$28.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. CIBC’s target price would indicate a potential upside of 83.01% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the company. National Bank Financial cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 20th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. National Bankshares downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from C$28.00 to C$25.00 in a research report on Friday, February 21st. Jefferies Financial Group lowered their price objective on Cenovus Energy from C$32.00 to C$30.00 in a research report on Thursday, January 30th. Finally, Royal Bank of Canada cut their target price on Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of C$29.11.

Cenovus Energy Stock Performance

CVE traded down C$1.62 during trading on Thursday, hitting C$15.30. The company’s stock had a trading volume of 3,767,845 shares, compared to its average volume of 6,016,282. The business’s 50 day simple moving average is C$19.66 and its 200-day simple moving average is C$21.34. The firm has a market cap of C$27.87 billion, a PE ratio of 7.54, a P/E/G ratio of 0.09 and a beta of 2.63. Cenovus Energy has a one year low of C$14.48 and a one year high of C$29.96. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Senior Officer John F. Soini purchased 5,880 shares of the firm’s stock in a transaction that occurred on Wednesday, April 9th. The stock was purchased at an average cost of C$16.89 per share, with a total value of C$99,313.20. Also, Senior Officer Jeffery George Lawson purchased 10,000 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was bought at an average price of C$21.39 per share, for a total transaction of C$213,900.00. Insiders have acquired a total of 31,934 shares of company stock worth $619,586 in the last three months. 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.