Tudor Pickering Believes Cenovus Energy (CVE) Won’t Stop Here

In a report issued on April 13, Tudor Pickering from Tudor Pickering maintained a Buy rating on Cenovus Energy (CVE), with a price target of C$12.00. The company’s shares closed last Wednesday at $8.01, close to its 52-week high of $8.57.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cenovus Energy with a $10.10 average price target, which is a 32.5% upside from current levels. In a report issued on April 12, RBC Capital also maintained a Buy rating on the stock with a C$12.00 price target.

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The company has a one-year high of $8.57 and a one-year low of $2.39. Currently, Cenovus Energy has an average volume of 9.31M.

Based on the recent corporate insider activity of 29 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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