TD Securities Issues Pessimistic Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target reduced by analysts at TD Securities from C$29.00 to C$28.00 in a research note issued on Monday,BayStreet.CA reports. The firm currently has a “buy” rating on the stock. TD Securities’ price target would suggest a potential upside of 34.74% from the company’s previous close.

A number of other research firms have also weighed in on CVE. BMO Capital Markets cut their price objective on shares of Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. Jefferies Financial Group decreased their price objective on Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. Royal Bank of Canada dropped their target price on Cenovus Energy from C$28.00 to C$26.00 in a report on Tuesday, January 14th. National Bank Financial lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Finally, National Bankshares lowered shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating and cut their target price for the company from C$28.00 to C$25.00 in a report on Friday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of C$29.89.

Cenovus Energy Stock Performance

Shares of TSE:CVE traded up C$0.03 during trading on Monday, hitting C$20.78. The stock had a trading volume of 2,387,411 shares, compared to its average volume of 4,930,332. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. Cenovus Energy has a 12-month low of C$20.16 and a 12-month high of C$29.96. The stock has a market capitalization of C$37.85 billion, a price-to-earnings ratio of 10.24, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The stock has a 50-day simple moving average of C$21.52 and a two-hundred day simple moving average of C$22.72.

Insider Activity at Cenovus Energy

In related news, insider Cenovus Energy Inc. acquired 44,700 shares of the stock in a transaction on 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 purchased 5,000 shares of the stock in a transaction dated Friday, December 27th. The shares were purchased at an average cost of C$21.17 per share, for a total transaction of C$105,832.00. In the last ninety days, insiders bought 65,300 shares of company stock valued at $1,427,360. 32.03% of the stock is owned by insiders.

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.