Cenovus Energy (TSE:CVE) Price Target Cut to C$30.00 by Analysts at Jefferies Financial Group

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective dropped by equities research analysts at Jefferies Financial Group from C$32.00 to C$30.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. Jefferies Financial Group’s price objective points to a potential upside of 39.02% from the stock’s previous close.

Several other brokerages have also commented on CVE. National Bankshares dropped their price target 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 increased their target price on shares of Cenovus Energy from C$32.00 to C$33.00 in a research report on Friday, December 13th. BMO Capital Markets reduced their price target on shares of Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. Royal Bank of Canada dropped their price objective on shares of Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. Finally, TD Securities reduced their target price on shares of Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, Cenovus Energy presently has a consensus rating of “Buy” and a consensus target price of C$30.44.

Cenovus Energy Trading Down 2.7 %

Shares of CVE stock traded down C$0.61 during trading hours on Tuesday, hitting C$21.58. 2,117,212 shares of the company were exchanged, compared to its average volume of 4,796,722. Cenovus Energy has a 1 year low of C$19.82 and a 1 year high of C$29.96. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 33.34. The firm has a fifty day moving average of C$21.78 and a 200 day moving average of C$23.70. The firm has a market cap of C$40.14 billion, a PE ratio of 8.60, a PEG ratio of 0.09 and a beta of 2.63.

Insider Activity

In other news, insider Cenovus Energy Inc. acquired 44,700 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were bought at an average price of C$22.07 per share, with a total value of C$986,658.63. Also, Senior Officer Jeffery George Lawson bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 27th. The shares were purchased at an average cost of C$21.17 per share, with a total value of C$105,832.00. Over the last 90 days, insiders have acquired 55,300 shares of company stock valued at $1,214,190. 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.