Cenovus Energy (CVE) Received its Third Buy in a Row

After RBC Capital and National Bank gave Cenovus Energy (NYSE: CVE) a Buy rating last month, the company received another Buy, this time from ATB Capital Markets. Analyst AltaCorp Captial maintained a Buy rating on Cenovus Energy yesterday and set a price target of C$15.25. The company’s shares closed last Tuesday at $7.72, close to its 52-week high of $8.57.

Currently, the analyst consensus on Cenovus Energy is a Strong Buy with an average price target of $11.30, implying a 50.7% upside from current levels. In a report issued on April 28, RBC Capital also maintained a Buy rating on the stock with a C$12.00 price target.

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Based on Cenovus Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $9.52 billion and net profit of $220 million. In comparison, last year the company earned revenue of $4.02 billion and had a GAAP net loss of $1.8 billion.

Based on the recent corporate insider activity of 31 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.

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