Cenovus Energy (TSE:CVE) Given New C$17.00 Price Target at Royal Bank of Canada

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target raised by investment analysts at Royal Bank of Canada from C$14.00 to C$17.00 in a note issued to investors on Thursday, BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 27.72% from the company’s previous close.

Several other research analysts also recently commented on the company. Raymond James reaffirmed a “market perform” rating and issued a C$14.00 price target on shares of Cenovus Energy in a research report on Friday, July 26th. CSFB dropped their price target on Cenovus Energy from C$17.00 to C$16.00 in a research report on Thursday, August 29th. CIBC raised Cenovus Energy from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from C$16.00 to C$16.50 in a research report on Thursday, July 18th. Canaccord Genuity dropped their price target on Cenovus Energy from C$15.00 to C$13.50 in a research report on Tuesday, July 9th. Finally, GMP Securities decreased their price objective on Cenovus Energy from C$15.00 to C$14.50 in a report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Cenovus Energy currently has an average rating of “Buy” and an average price target of C$14.83.

Shares of CVE stock traded up C$0.08 during trading on Thursday, reaching C$13.31. The company had a trading volume of 1,354,143 shares, compared to its average volume of 3,608,440. The company has a debt-to-equity ratio of 45.66, a current ratio of 1.02 and a quick ratio of 0.53. The firm’s 50 day simple moving average is C$11.66 and its two-hundred day simple moving average is C$11.90. The company has a market capitalization of $16.54 billion and a PE ratio of 55.00. Cenovus Energy has a one year low of C$8.74 and a one year high of C$14.31.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Thursday, July 25th. The company reported C$0.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of C$0.30 by C($0.08). The business had revenue of C$5.93 billion during the quarter, compared to the consensus estimate of C$5.78 billion. Analysts forecast that Cenovus Energy will post 0.74 earnings per share for the current year.

In related news, Senior Officer Keith Chiasson purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were acquired at an average price of C$11.73 per share, with a total value of C$117,303.00. Following the purchase, the insider now directly owns 26,850 shares in the company, valued at C$314,958.56.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake.

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Analyst Recommendations for Cenovus Energy (TSE:CVE)

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