Royal Bank of Canada Cuts Cenovus Energy (TSE:CVE) Price Target to C$26.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its target price lowered by equities researchers at Royal Bank of Canada from C$28.00 to C$26.00 in a report released on Tuesday,BayStreet.CA reports. Royal Bank of Canada’s price objective indicates a potential upside of 21.27% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. TD Securities cut their price objective on shares of 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. BMO Capital Markets dropped their price target on shares of Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. Jefferies Financial Group cut their price objective on Cenovus Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a report on Friday, December 20th. National Bankshares reduced their price objective on Cenovus Energy from C$31.00 to C$29.00 and set an “outperform” rating on the stock in a research note on Thursday, December 19th. Finally, Raymond James boosted their target price on Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of C$30.67.

Cenovus Energy Price Performance

CVE traded down C$0.54 on Tuesday, reaching C$21.44. 2,603,230 shares of the company’s stock were exchanged, compared to its average volume of 4,827,540. Cenovus Energy has a twelve month low of C$19.82 and a twelve month high of C$29.96. The stock has a market cap of C$39.88 billion, a PE ratio of 8.54, a P/E/G ratio of 0.09 and a beta of 2.63. The company has a debt-to-equity ratio of 33.34, a current ratio of 1.66 and a quick ratio of 1.00. The stock’s fifty day moving average price is C$21.86 and its 200-day moving average price is C$23.88.

Insiders Place Their Bets

In other news, Senior Officer Jeffery George Lawson bought 5,000 shares of the stock in a transaction dated Friday, December 27th. The shares were acquired at an average price of C$21.17 per share, with a total value of C$105,832.00. Also, insider Cenovus Energy Inc. bought 44,700 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were acquired at an average cost of C$22.07 per share, with a total value of C$986,658.63. Insiders have bought a total of 55,300 shares of company stock valued at $1,214,190 over the last quarter. Company insiders own 32.03% of the company’s stock.

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.