TD Securities Trims Cenovus Energy (TSE:CVE) Target Price to C$31.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target lowered by stock analysts at TD Securities from C$33.00 to C$31.00 in a research note issued to investors on Tuesday, BayStreet.CA reports. The firm currently has a “hold” rating on the stock. TD Securities’ price target points to a potential upside of 32.82% from the stock’s current price.

Several other research analysts have also weighed in on CVE. Royal Bank of Canada dropped their target price on Cenovus Energy from C$33.00 to C$29.00 in a research report on Tuesday, September 17th. Desjardins upped their price target on Cenovus Energy from C$31.50 to C$33.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Jefferies Financial Group decreased their price target on Cenovus Energy from C$36.00 to C$33.00 and set a “buy” rating for the company in a research note on Monday, September 16th. National Bankshares decreased their price target on Cenovus Energy from C$38.00 to C$31.00 in a research note on Friday. Finally, Scotiabank decreased their price target on Cenovus Energy from C$35.00 to C$34.00 in a research note on Friday, July 12th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and a consensus price target of C$32.92.

Cenovus Energy Stock Up 3.2 %

TSE:CVE traded up C$0.72 during trading hours on Tuesday, hitting C$23.34. 3,033,530 shares of the company’s stock traded hands, compared to its average volume of 5,425,707. The firm has a market cap of C$43.41 billion, a P/E ratio of 9.30, a P/E/G ratio of 0.09 and a beta of 2.67. Cenovus Energy has a twelve month low of C$19.82 and a twelve month high of C$29.96. The company has a debt-to-equity ratio of 33.34, a quick ratio of 1.00 and a current ratio of 1.66. The stock’s fifty day moving average price is C$24.74 and its two-hundred day moving average price is C$26.47.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its earnings results on Thursday, August 1st. The company reported C$0.53 earnings per share for the quarter, missing the consensus estimate of C$0.72 by C($0.19). Cenovus Energy had a return on equity of 16.69% and a net margin of 8.54%. The firm had revenue of C$14.89 billion during the quarter, compared to analyst estimates of C$13.44 billion. On average, research analysts expect that Cenovus Energy will post 2.2599805 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Senior Officer Geoffrey Murray acquired 3,200 shares of Cenovus Energy stock in a transaction on Tuesday, September 17th. The stock was bought at an average price of C$22.54 per share, for a total transaction of C$72,112.00. In related news, Senior Officer Jeffery George Lawson bought 4,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was acquired at an average cost of C$22.50 per share, with a total value of C$90,000.00. Also, Senior Officer Geoffrey Murray bought 3,200 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was bought at an average cost of C$22.54 per share, with a total value of C$72,112.00. In the last quarter, insiders bought 152,200 shares of company stock worth $3,459,477. 31.71% of the stock is currently owned by company 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.