Desjardins analyst Chris MacCulloch maintained a Buy rating on Cenovus Energy (CVE – Research Report) today and set a price target of C$31.50. The company’s shares closed today at $21.28.
According to TipRanks, MacCulloch is a 5-star analyst with an average return of 33.9% and a 55.81% success rate. MacCulloch covers the Energy sector, focusing on stocks such as Enerplus, Imperial Oil, and Suncor Energy.
Currently, the analyst consensus on Cenovus Energy is a Strong Buy with an average price target of $24.08, implying a 13.18% upside from current levels. In a report released yesterday, CIBC also maintained a Buy rating on the stock with a C$35.00 price target.
CVE market cap is currently $39.53B and has a P/E ratio of 13.25.
Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CVE in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Cenovus Energy (CVE) Company Description:
Cenovus Energy, Inc. engages in gas and oil provisions. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. It operates through four segments: Oil Sands, Deep Basin, Refining & Marketing, and Corporate & Eliminations. The Oil sands segment includes the development and production of bitumen in northeast Alberta including Foster Creek, Christina Lake and Narrows Lake as well as projects in the early stages of development. The Deep Basin segment includes includes land primarily in the Elmworth-Wapiti, Kaybob-Edson, and Clearwater operating areas. The Refining and Marketing segment provides transportation and selling of crude oil, antural gas and NGLS. The Corporate and Eliminations segment includes unrealized gains and losses recorded on derivative financial instruments, divestiture of assets, as well as other administrative, financing activities and research costs. The company was founded in 1881 and is headquartered in Calgary, Canada.
Read More on CVE:
- CVE Earnings this Week: How Will it Perform?
- Cenovus Energy price target raised to C$38 from C$29 at National Bank
- Cenovus Energy price target raised to C$35 from C$28 at Scotiabank
- Cenovus Energy price target raised to C$32 from C$28 at RBC Capital
- Cenovus Energy price target raised to C$30 from C$28 at Morgan Stanley
