Cenovus Energy (TSE:CVE) Price Target Cut to C$14.00 by Analysts at Canaccord Genuity

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target cut by equities research analysts at Canaccord Genuity from C$15.00 to C$14.00 in a report released on Tuesday, October 16th. Canaccord Genuity’s price objective points to a potential upside of 18.44% from the stock’s previous close.

Several other analysts have also issued reports on the stock. Morgan Stanley reduced their price target on shares of Cenovus Energy from C$18.00 to C$17.00 in a research report on Sunday, October 14th. CIBC reiterated an “outperform” rating and set a C$17.00 price target on shares of Cenovus Energy in a research report on Friday, October 5th. Raymond James increased their price objective on shares of Cenovus Energy from C$16.00 to C$17.00 in a research note on Friday, October 5th. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “outperform” rating and increased their price objective for the company from C$16.00 to C$17.00 in a research note on Monday, September 10th. Finally, TD Securities lifted their target price on shares of Cenovus Energy from C$13.00 to C$13.50 and gave the stock a “hold” rating in a research note on Friday, July 27th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of C$16.42.

Shares of TSE CVE traded down C$0.26 during trading hours on Tuesday, hitting C$11.82. 5,749,300 shares of the stock were exchanged, compared to its average volume of 4,432,957. The company has a current ratio of 1.17, a quick ratio of 0.68 and a debt-to-equity ratio of 52.58. Cenovus Energy has a 1-year low of C$9.02 and a 1-year high of C$14.84.

In other Cenovus Energy news, Director Keith A.J. Macphail purchased 12,000 shares of the stock in a transaction dated Friday, August 17th. The shares were bought at an average price of C$11.80 per share, with a total value of C$141,600.00.

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 and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.

Further Reading: Technical Analysis

Analyst Recommendations for Cenovus Energy (TSE:CVE)

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