CIBC Cuts Cenovus Energy (TSE:CVE) Price Target to C$28.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target decreased by analysts at CIBC from C$32.00 to C$28.00 in a research note issued on Thursday,BayStreet.CA reports. CIBC’s target price would indicate a potential upside of 77.10% from the stock’s previous close.

A number of other research firms also recently issued reports on CVE. National Bankshares downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and cut their target price for the company from C$28.00 to C$25.00 in a research report on Friday, February 21st. Royal Bank of Canada cut their price objective on shares of Cenovus Energy from C$28.00 to C$26.00 in a report on Tuesday, January 14th. TD Securities lowered their target price on shares of Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating for the company in a report on Monday, February 24th. Jefferies Financial Group cut their price target on Cenovus Energy from C$32.00 to C$30.00 in a research note on Thursday, January 30th. Finally, Scotiabank raised Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$29.40.

Cenovus Energy Stock Up 2.0 %

TSE CVE opened at C$15.81 on Thursday. The stock has a market capitalization of C$28.80 billion, a P/E ratio of 7.79, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 52 week low of C$14.48 and a 52 week high of C$29.65. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The stock has a fifty day moving average of C$19.44 and a 200-day moving average of C$21.26.

Insiders Place Their Bets

In related news, Senior Officer Jeffery George Lawson purchased 10,000 shares of Cenovus Energy 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. Also, Senior Officer John F. Soini acquired 4,104 shares of the stock in a transaction dated Tuesday, March 18th. The shares were bought at an average cost of C$19.48 per share, with a total value of C$79,945.92. Insiders acquired 31,934 shares of company stock worth $619,586 over the last ninety days. 32.03% of the stock is currently owned by corporate insiders.

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.