Cenovus Energy (CVE) Receives a Buy from Goldman Sachs

Cenovus Energy received a Buy rating and a $20.00 price target from Goldman Sachs analyst Neil Mehta on January 2. The company’s shares closed last Friday at C$24.05.

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According to TipRanks, Mehta is a 5-star analyst with an average return of 9.1% and a 59.54% success rate. Mehta covers the Energy sector, focusing on stocks such as APA, Chevron, and Marathon Petroleum.

Cenovus Energy has an analyst consensus of Strong Buy, with a price target consensus of $22.78, which is a -5.28% downside from current levels. In a report released on December 21, BMO Capital also maintained a Buy rating on the stock with a C$28.00 price target.

Based on Cenovus Energy’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of C$13.2 billion and a net profit of C$1.29 billion. In comparison, last year the company earned a revenue of C$14.25 billion and had a net profit of C$820 million

Based on the recent corporate insider activity of 40 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.