National Bank Financial Downgrades Cenovus Energy (TSE:CVE) to Hold

Cenovus Energy (TSE:CVE) (NYSE:CVE) was downgraded by National Bank Financial from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

Several other equities analysts also recently weighed in on the company. BMO Capital Markets cut their target price on Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. National Bankshares downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from C$28.00 to C$25.00 in a research report on Friday. Raymond James upped their price objective on Cenovus Energy from C$32.00 to C$33.00 in a research report on Friday, December 13th. Royal Bank of Canada cut their price objective on Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. Finally, TD Securities cut their price objective on Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$30.00.

Cenovus Energy Stock Performance

TSE CVE opened at C$20.75 on Thursday. The company has a market cap of C$37.80 billion, a P/E ratio of 10.23, a P/E/G ratio of 0.09 and a beta of 2.63. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The business’s 50 day moving average price is C$21.54 and its 200-day moving average price is C$22.77. Cenovus Energy has a fifty-two week low of C$20.16 and a fifty-two week high of C$29.96.

Insider Transactions at Cenovus Energy

In other news, insider Cenovus Energy Inc. purchased 44,700 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were acquired 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 acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were bought at an average price of C$21.39 per share, with a total value of C$213,900.00. In the last 90 days, insiders have bought 65,300 shares of company stock valued at $1,427,360. 32.03% of the stock is currently owned by corporate 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.