Royal Bank of Canada Cuts Cenovus Energy (TSE:CVE) Price Target to C$28.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target cut by research analysts at Royal Bank of Canada from C$29.00 to C$28.00 in a report issued on Friday, BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 27.68% from the company’s current price.

A number of other equities analysts have also recently weighed in on the stock. National Bankshares decreased their price objective on shares of Cenovus Energy from C$38.00 to C$31.00 in a research report on Friday, September 27th. Scotiabank decreased their price objective on shares of Cenovus Energy from C$35.00 to C$34.00 in a research report on Friday, July 12th. Jefferies Financial Group reduced their price target on shares of 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. Desjardins increased their price target on shares of Cenovus Energy from C$31.50 to C$33.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, TD Securities raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 3rd. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of C$31.90.

Cenovus Energy Stock Down 2.1 %

TSE:CVE traded down C$0.46 on Friday, reaching C$21.93. The stock had a trading volume of 2,091,996 shares, compared to its average volume of 5,305,790. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 33.34. The company has a 50-day moving average of C$23.60 and a 200 day moving average of C$25.93. The stock has a market cap of C$40.79 billion, a P/E ratio of 8.80, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. Cenovus Energy has a 12-month low of C$19.82 and a 12-month high of C$29.96.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings data 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). The firm had revenue of C$14.89 billion during the quarter, compared to analysts’ expectations of C$13.44 billion. Cenovus Energy had a net margin of 8.54% and a return on equity of 16.69%. On average, research analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insiders Place Their Bets

In other Cenovus Energy news, Senior Officer Jeffery George Lawson bought 9,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were purchased at an average price of C$21.92 per share, with a total value of C$197,280.00. In other news, Senior Officer Jeffery George Lawson purchased 9,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were bought at an average price of C$21.92 per share, for a total transaction of C$197,280.00. Also, Senior Officer Geoffrey Murray purchased 3,200 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was purchased at an average price of C$22.54 per share, for a total transaction of C$72,112.00. Insiders have acquired 152,200 shares of company stock valued at $3,459,477 over the last quarter. Insiders own 32.03% of the company’s stock.

About Cenovus Energy

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.