In a report issued on October 2, Gregory Pardy from RBC Capital maintained a Buy rating on Cenovus Energy (CVE), with a price target of C$7.00. The company’s shares closed last Friday at $3.63.
According to TipRanks.com, Pardy is ranked 0 out of 5 stars with an average return of -9.6% and a 38.3% success rate. Pardy covers the Utilities sector, focusing on stocks such as Canadian Natural, Vermilion Energy, and Baytex Energy.
Currently, the analyst consensus on Cenovus Energy is a Moderate Buy with an average price target of $5.57.
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Based on Cenovus Energy’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $2.2 billion and GAAP net loss of $235 million. In comparison, last year the company earned revenue of $5.93 billion and had a net profit of $1.78 billion.
Based on the recent corporate insider activity of 30 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, 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.
