Jefferies Financial Group Issues Pessimistic Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target dropped by research analysts at Jefferies Financial Group from C$32.00 to C$30.00 in a report released on Thursday,BayStreet.CA reports. Jefferies Financial Group’s price objective suggests a potential upside of 42.72% from the stock’s current price.

A number of other brokerages also recently commented on CVE. National Bankshares lowered their price objective on Cenovus Energy from C$31.00 to C$29.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. Raymond James boosted their price target on shares of Cenovus Energy from C$32.00 to C$33.00 in a report on Friday, December 13th. BMO Capital Markets dropped their price objective on shares of Cenovus Energy from C$28.00 to C$25.00 in a report on Friday, December 13th. TD Securities reduced their target price on shares of Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Finally, Royal Bank of Canada decreased their target price on shares of Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of C$30.33.

Cenovus Energy Trading Down 2.6 %

TSE CVE opened at C$21.02 on Thursday. The firm has a market capitalization of C$39.10 billion, a PE ratio of 8.37, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. Cenovus Energy has a one year low of C$20.42 and a one year high of C$29.96. The company has a 50-day simple moving average of C$21.61 and a 200-day simple moving average of C$23.34. The company has a debt-to-equity ratio of 33.34, a quick ratio of 1.00 and a current ratio of 1.66.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its earnings results on Thursday, October 31st. The company reported C$0.42 EPS for the quarter, missing the consensus estimate of C$0.46 by C($0.04). Cenovus Energy had a net margin of 8.54% and a return on equity of 16.69%. During the same period in the prior year, the business earned $0.97 EPS. On average, equities analysts forecast that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Cenovus Energy Inc. acquired 44,700 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were purchased at an average cost of C$22.07 per share, with a total value of C$986,658.63. Also, Senior Officer Jeffery George Lawson acquired 5,000 shares of the company’s stock in a transaction on Friday, December 27th. The stock was bought at an average price of C$21.17 per share, for a total transaction of C$105,832.00. Insiders bought a total of 55,300 shares of company stock worth $1,214,190 over the last ninety days. 32.03% of the stock is currently owned by company insiders.

Cenovus Energy Company Profile

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.