National Bankshares Downgrades Cenovus Energy to Sector Perform

Cenovus Energy (TSE:CVE) has recently faced a downgrade from National Bankshares, which has lowered its recommendation from an "outperform" rating to a more cautious "sector perform" rating. This decision was announced in a research note distributed to investors on Friday.

Along with the downgrade, National Bankshares adjusted its price target for Cenovus Energy, decreasing it from C$28.00 to C$25.00. This new target indicates a potential upside of approximately 20.71% based on the company's current stock price.

Other Analyst Opinions on Cenovus Energy

Several other investment firms have also recently expressed their views on Cenovus Energy. Jefferies Financial Group lowered its price target from C$32.00 to C$30.00 in a report published on January 30th. Furthermore, Royal Bank of Canada revised its target from C$28.00 to C$26.00 in a note issued on January 14th. On December 13th, BMO Capital Markets lowered its target price from C$28.00 to C$25.00, while Raymond James raised its target from C$32.00 to C$33.00 on the same day. Additionally, TD Securities cut its price target from C$31.00 to C$29.00 but maintained a "buy" rating.

Currently, the consensus among analysts shows one holding a "hold" rating and seven assigning a "buy" rating for the stock. According to data from MarketBeat.com, Cenovus Energy's stock has an average rating of "Moderate Buy" and an average price target set at C$30.00.

Cenovus Energy's Recent Trading Activity

In terms of market performance, shares of Cenovus Energy traded down by 4.3% on Friday, falling C$0.94 during intra-day trading to reach a price of C$20.71. The trading volume registered at 3,977,973 shares, while the average volume sits at 4,858,463 shares. The company's market capitalization stands at C$37.73 billion, with a price-to-earnings (PE) ratio of 10.21 and a beta of 2.63. They maintain a debt-to-equity ratio of 33.59, a quick ratio of 1.00, and a current ratio of 1.59. Cenovus Energy's fifty-day simple moving average is C$21.54, while its 200-day average is C$22.77. Over the past year, the stock has seen a low of C$20.16 and a high of C$29.96.

Insider Transactions at Cenovus Energy

In related news, Senior Officer Jeffery George Lawson acquired 5,000 shares of the company on December 27th for an average price of C$21.17 per share, totaling C$105,832. Additionally, the company itself purchased 44,700 shares on December 2nd at an average cost of C$22.07 per share, amounting to around C$986,658.63. Altogether, insiders have bought a total of 65,300 shares valued at approximately $1,427,360 over the last quarter, with insiders owning 32.03% of the stock.

Company Overview of Cenovus Energy

Cenovus Energy operates as an integrated oil company with a focus on maximizing value from its oil sands assets. The company is also engaged in the production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, complemented by refining operations located in the United States. In 2020, Cenovus Energy reported an average net upstream production of 472,000 barrels of oil equivalent per day, and it is estimated to possess proven and probable reserves totaling 6.7 billion barrels of oil equivalent.

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