Royal Bank of Canada Issues Pessimistic Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price cut by equities researchers at Royal Bank of Canada from C$28.00 to C$26.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. Royal Bank of Canada’s price objective would suggest a potential upside of 20.15% from the company’s current price.

A number of other equities research analysts have also recently commented on the company. BMO Capital Markets dropped their target price on Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. National Bankshares lowered their price target on Cenovus Energy from C$31.00 to C$29.00 and set an “outperform” rating on the stock in a research report on Thursday, December 19th. TD Securities cut their price objective on Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Jefferies Financial Group reduced their target price on Cenovus Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a research note on Friday, December 20th. Finally, 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. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cenovus Energy has a consensus rating of “Buy” and an average target price of C$30.67.

Cenovus Energy Stock Performance

Shares of TSE CVE opened at C$21.64 on Tuesday. The company has a market capitalization of C$40.25 billion, a PE ratio of 8.62, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. 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 company’s fifty day moving average price is C$21.82 and its 200 day moving average price is C$23.81. Cenovus Energy has a 1 year low of C$19.82 and a 1 year high of C$29.96.

Insider Activity

In related news, Senior Officer Jeffery George Lawson purchased 4,600 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was acquired at an average cost of C$21.74 per share, for a total transaction of C$100,004.00. Also, insider Cenovus Energy Inc. acquired 44,700 shares of Cenovus Energy stock in a transaction that occurred on Monday, December 2nd. The shares were bought at an average price of C$22.07 per share, for a total transaction of C$986,658.63. Insiders acquired 55,300 shares of company stock worth $1,214,190 over 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.