Desjardins analyst Chris MacCulloch maintained a Buy rating on Cenovus Energy (CVE – Research Report) today and set a price target of C$27.50. The company’s shares opened today at $14.94.
According to TipRanks, MacCulloch is a 5-star analyst with an average return of 30.8% and a 40.98% success rate. MacCulloch covers the Energy sector, focusing on stocks such as Cenovus Energy, Headwater Exploration, and Advantage Energy.
Cenovus Energy has an analyst consensus of Strong Buy, with a price target consensus of $22.14, a 48.19% upside from current levels. In a report released yesterday, Jefferies also maintained a Buy rating on the stock with a C$27.00 price target.
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Based on Cenovus Energy’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $15.71 billion and a net profit of $1.86 billion. In comparison, last year the company earned a revenue of $18.7 billion and had a net profit of $1.32 billion
Based on the recent corporate insider activity of 42 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.
Read More on CVE:
- Cenovus Energy price target lowered to C$27 from C$34 at Jefferies
- Cenovus Energy call volume above normal and directionally bullish
- Cenovus Energy price target lowered to C$30 from C$32 at CIBC
- Cenovus Energy price target lowered to C$28 from C$31 at Scotiabank
- Cenovus Energy price target lowered to C$29 from C$36 at National Bank
