Jefferies Reaffirms Their Buy Rating on Cenovus Energy (CVE)
In a report released yesterday, Lloyd Byrne from Jefferies maintained a Buy rating on Cenovus Energy, with a price target of C$37.00. The company’s shares closed yesterday at C$31.98.
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Byrne covers the Energy sector, focusing on stocks such as Sable Offshore, Schlumberger, and Baker Hughes Company. According to TipRanks, Byrne has an average return of 21.0% and a 62.06% success rate on recommended stocks.
Currently, the analyst consensus on Cenovus Energy is a Strong Buy with an average price target of C$33.27, representing a 4.04% upside. In a report released on March 12, Goldman Sachs also maintained a Buy rating on the stock with a $29.00 price target.
Based on Cenovus Energy’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of C$10.88 billion and a net profit of C$934 million. In comparison, last year the company earned a revenue of C$11.75 billion and had a net profit of C$146 million
Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CVE in relation to earlier this year.
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