Royal Bank of Canada Has Lowered Expectations for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective cut by research analysts at Royal Bank of Canada from C$28.00 to C$26.00 in a research report issued on Tuesday,BayStreet.CA reports. Royal Bank of Canada’s target price points to a potential upside of 20.15% from the stock’s previous close.

Several other brokerages have also issued reports on CVE. Jefferies Financial Group reduced their price objective on shares of 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. BMO Capital Markets decreased 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 cut their target price 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. National Bankshares lowered their target price on Cenovus Energy from C$31.00 to C$29.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Finally, Raymond James boosted their price target on shares of Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of C$30.67.

Cenovus Energy Price Performance

CVE stock opened at C$21.64 on Tuesday. Cenovus Energy has a 52-week low of C$19.82 and a 52-week 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 stock has a market cap of C$40.25 billion, a price-to-earnings ratio of 8.62, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The business has a fifty day moving average of C$21.82 and a two-hundred day moving average of C$23.81.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Senior Officer Jeffery George Lawson purchased 5,000 shares of the stock in a transaction that occurred on Friday, December 27th. The stock was purchased at an average cost of C$21.17 per share, with a total value of C$105,832.00. Also, insider Cenovus Energy Inc. purchased 44,700 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was bought at an average price of C$22.07 per share, for a total transaction of C$986,658.63. In the last three months, insiders bought 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.