National Bankshares Downgrades Cenovus Energy (TSE:CVE) to Sector Perform

Cenovus Energy (TSE:CVE) (NYSE:CVE) was downgraded by equities research analysts at National Bankshares from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Friday,BayStreet.CA reports. They presently have a C$25.00 target price on the stock, down from their previous target price of C$28.00. National Bankshares’ price target would suggest a potential upside of 20.71% from the company’s current price.

Several other analysts have also recently commented on the stock. Raymond James increased their price target on shares of Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. Jefferies Financial Group cut their price objective on shares of Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. BMO Capital Markets dropped their target price on shares of Cenovus Energy from C$28.00 to C$25.00 in a research report on Friday, December 13th. Royal Bank of Canada dropped their price objective on Cenovus Energy from C$28.00 to C$26.00 in a research report on Tuesday, January 14th. Finally, TD Securities dropped their price target on Cenovus Energy from C$31.00 to C$29.00 and set a “buy” rating for the company in a research note on Friday, December 13th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$30.00.

Cenovus Energy Stock Performance

Shares of CVE traded down C$0.94 during mid-day trading on Friday, hitting C$20.71. The company’s stock had a trading volume of 3,977,973 shares, compared to its average volume of 4,858,463. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The firm has a market capitalization of C$37.73 billion, a PE ratio of 10.21, a price-to-earnings-growth ratio of 0.09 and a beta of 2.63. The stock’s 50-day moving average is C$21.54 and its two-hundred day moving average is C$22.77. Cenovus Energy has a one year low of C$20.16 and a one year high of C$29.96.

Insider Buying and Selling

In other news, insider Cenovus Energy Inc. acquired 44,700 shares of the business’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. Also, Senior Officer Jeffery George Lawson acquired 10,000 shares of the business’s stock in a transaction on Friday, February 21st. The shares were purchased at an average price of C$21.39 per share, with a total value of C$213,900.00. In the last 90 days, insiders acquired 65,300 shares of company stock valued at $1,427,360. 32.03% of the stock is owned by company 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.