In a report released today, Jason Bouvier from Scotiabank maintained a Buy rating on Cenovus Energy (CVE – Research Report), with a price target of C$35.00. The company’s shares opened today at $20.59.
Bouvier covers the Energy sector, focusing on stocks such as Cenovus Energy, Imperial Oil, and Crescent Point Energy. According to TipRanks, Bouvier has an average return of 19.2% and a 61.54% success rate on recommended stocks.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cenovus Energy with a $24.20 average price target, a 17.53% upside from current levels. In a report released yesterday, Jefferies also maintained a Buy rating on the stock with a C$36.00 price target.
The company has a one-year high of $21.90 and a one-year low of $14.61. Currently, Cenovus Energy has an average volume of 11.22M.
Based on the recent corporate insider activity of 53 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.
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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.
