TD Securities Trims Cenovus Energy (TSE:CVE) Target Price to C$31.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target cut by analysts at TD Securities from C$33.00 to C$31.00 in a research note issued on Tuesday, BayStreet.CA reports. The brokerage currently has a “hold” rating on the stock. TD Securities’ price objective would indicate a potential upside of 32.82% from the stock’s current price.

A number of other research analysts have also commented on the company. National Bankshares decreased their price objective on Cenovus Energy from C$38.00 to C$31.00 in a research report on Friday. Jefferies Financial Group reduced their price target on Cenovus Energy from C$36.00 to C$33.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Royal Bank of Canada reduced their price target on Cenovus Energy from C$33.00 to C$29.00 in a research report on Tuesday, September 17th. Scotiabank reduced their price target on Cenovus Energy from C$35.00 to C$34.00 in a research report on Friday, July 12th. Finally, Desjardins lifted their target price on Cenovus Energy from C$31.50 to C$33.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$32.92.

Cenovus Energy Price Performance

CVE stock traded up C$0.72 during midday trading on Tuesday, reaching C$23.34. 3,033,530 shares of the company’s stock traded hands, compared to its average volume of 5,425,707. The company has a 50-day simple moving average of C$24.74 and a two-hundred day simple moving average of C$26.47. Cenovus Energy has a 1-year low of C$19.82 and a 1-year high of C$29.96. The company has a market cap of C$43.41 billion, a price-to-earnings ratio of 9.30, a PEG ratio of 0.09 and a beta of 2.67. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 33.34.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Thursday, August 1st. The company reported C$0.53 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.72 by C($0.19). Cenovus Energy had a net margin of 8.54% and a return on equity of 16.69%. The business had revenue of C$14.89 billion for the quarter, compared to analyst estimates of C$13.44 billion. On average, analysts anticipate that Cenovus Energy will post 2.2599805 earnings per share for the current year.

Insider Transactions at Cenovus Energy

In other news, Senior Officer Geoffrey Murray acquired 3,200 shares of Cenovus Energy stock in a transaction dated Tuesday, September 17th. The stock was bought at an average price of C$22.54 per share, for a total transaction of C$72,112.00. In other news, Senior Officer Keith Chiasson acquired 25,000 shares of the stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of C$23.40 per share, for a total transaction of C$585,000.00. Also, Senior Officer Geoffrey Murray acquired 3,200 shares of the stock in a transaction on Tuesday, September 17th. The shares were purchased at an average price of C$22.54 per share, with a total value of C$72,112.00. Insiders bought a total of 152,200 shares of company stock worth $3,459,477 over the last quarter. Company insiders own 31.71% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.