Analyst Coverage News
Today Cenovus Energy received research reports by CIBC and Scotia Capital updating their coverage on the stock.
Scotia Capital (Rank#9) maintained a “Sector Perform” rating on Cenovus Energy’s stock with a 12 month target price of CAD 28.
CIBC World Markets (Rank#13) maintains an “Outperform” rating on Cenovus Energy’s stock with a 12 month target price of CAD 31.
CVE Stock Forecast & Analysis
According to the consensus forecast of 21 analysts, the average target price for Cenovus Energy Inc over the next 12 months is CAD 30.05. This suggests a potential upside for the stock compared to its current price. The average analyst rating for Cenovus Energy Inc is “Buy,” indicating an overall positive sentiment towards the stock among analysts.
Stock Target Advisor’s analysis of Cenovus Energy Inc’s stock is “Slightly Bearish.” This assessment is based on 7 positive signals and 9 negative signals that their analysis has identified.
At the last closing, Cenovus Energy Inc’s stock price was CAD 22.59. Over the past week, the stock price has experienced a decline of -3.38%. However, it has shown positive momentum over the past month, with an increase of +5.07%. Looking at the stock’s performance over the last year, it has faced a decline of -22.32%.
About Cenovus Energy
Cenovus Energy is a Canadian integrated energy company that operates in the oil and gas industry. The company engages in various activities throughout the value chain, from exploration and production to refining and marketing. Cenovus focuses on responsible energy development and is involved in the extraction of crude oil, natural gas, and natural gas liquids (NGLs).
Cenovus Energy’s primary operations are centered in the oil sands region of northern Alberta, Canada. Through advanced technologies like steam-assisted gravity drainage (SAGD), the company extracts bitumen from oil sands reservoirs. Cenovus owns and operates significant oil sands projects, including Christina Lake and Foster Creek, which have substantial reserves and production capacities.
In addition to its upstream activities, Cenovus Energy has downstream operations that involve refining crude oil into various petroleum products. The company owns and operates two refineries in the United States, the Wood River Refinery in Illinois and the Borger Refinery in Texas. These refineries process crude oil to produce gasoline, diesel, jet fuel, and other refined products.
Cenovus also has a presence in the retail fuel market through its network of fuel stations across Canada. The company strives to promote sustainability and environmental responsibility in its operations, aiming to reduce greenhouse gas emissions, increase energy efficiency, and conserve water resources.
Cenovus Energy plays a significant role in Canada’s energy industry, with a focus on responsible resource development and a commitment to environmental stewardship. The company’s operations span upstream exploration and production, downstream refining, and retail fuel distribution, making it a prominent player in the Canadian energy sector.
