Cenovus Energy (CVE) Stock Forecast & Price Target

$17.60

-0.09 (-0.51%)

(As of 10/9/2024 ET)

Cenovus Energy - Analysts' Recommendations and Stock Price Forecast (2024)

MarketBeat calculates consensus analyst ratings for stocks using the most recent rating from each Wall Street analyst that has rated a stock within the last twelve months. Each analyst's rating is normalized to a standardized rating score of 1 (sell), 2 (hold), 3 (buy) or 4 (strong buy). Analyst consensus ratings scores are calculated using the mean average of the number of normalized sell, hold, buy and strong buy ratings from Wall Street analysts. Each stock's consensus analyst rating is derived from its calculated consensus ratings score (0 to .5 = Strong Sell, .5 to 1 = Sell, 1 to 1.5 = Reduce, 1.5 to 2.5 = Hold, 2.5 to 3.0 = Moderate Buy, 3.0 to 3.5 = Buy, >3.5 = Strong Buy). MarketBeat's consensus price targets are a mean average of the most recent available price targets set by each analyst that has set a price target for the stock in the last twelve months. MarketBeat's consensus ratings and consensus price targets may differ from those calculated by other firms due to differences in methodology and available data.

Consensus Rating

Moderate Buy

Based on 6 Analyst Ratings

Sell
0

Hold
1

Buy
5

Based on 6 Wall Street analysts who have issued ratings for Cenovus Energy in the last 12 months, the stock has a consensus rating of "Moderate Buy." Out of the 6 analysts, 1 has given a hold rating, and 5 have given a buy rating for CVE.

Consensus Price Target

$30.75
74.77% Upside

According to the 6 analysts' twelve-month price targets for Cenovus Energy, the average price target is $30.75. The highest price target for CVE is $34.00, while the lowest price target for CVE is $28.00. The average price target represents a forecasted upside of 74.77% from the current price of $17.60.

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CVE Analyst Ratings Over Time

Type	Current Forecast 10/10/23 to 10/9/24	1 Month Ago 9/10/23 to 9/9/24	3 Months Ago 7/12/23 to 7/11/24	1 Year Ago 10/10/22 to 10/10/23
Strong Buy	0 Strong Buy rating(s)	0 Strong Buy rating(s)	0 Strong Buy rating(s)	0 Strong Buy rating(s)
Buy	5 Buy rating(s)	4 Buy rating(s)	4 Buy rating(s)	3 Buy rating(s)
Hold	1 Hold rating(s)	0 Hold rating(s)	0 Hold rating(s)	1 Hold rating(s)
Sell	0 Sell rating(s)	0 Sell rating(s)	0 Sell rating(s)	0 Sell rating(s)
Consensus Price Target	$30.75	$30.67	$29.00	$22.00
Forecasted Upside	74.77% Upside	84.29% Upside	45.95% Upside	8.27% Upside
Consensus Rating	Moderate Buy	Buy	Buy	Moderate Buy

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CVE Analyst Recommendations By Month

The chart below shows how a company's ratings by analysts have changed over time. Each bar represents the previous year of ratings for that month. Within each bar, the sell ratings are shown in red, the hold ratings are shown in yellow, the buy ratings are shown in green, and the strong buy ratings are shown in dark green.

CVE Price Targets by Month

The chart below shows how a company's share price and consensus price target have changed over time. The dark blue line represents the company's actual price. The lighter blue line represents the stock's consensus price target. The even lighter blue range in the background of the two lines represents the low price target and the high price target for each stock.

Cenovus Energy Stock vs. The Competition

Type	Cenovus Energy	Oils/Energy Companies	S&P 500
Consensus Rating Score	2.83	2.62	2.50
Consensus Rating	Moderate Buy	Moderate Buy	Moderate Buy
Predicted Upside	74.77% Upside	39.43% Upside	7.27% Upside
News Sentiment Rating	Positive News See Recent CVE News	Positive News	Positive News

Recent Analyst Forecasts and Stock Ratings

Rating

Upside/Downside

Action

Time Frame

Start Date

End Date

Show

Export to Excel

Date	Brokerage	Analyst Name	Action	Rating	Price Target	Upside/Downside on Report Date
10/4/2024	BMO Capital Markets 4 of 5 stars		Lower Target	Outperform ➝ Outperform	$33.00 ➝ $31.00	+71.65%
10/1/2024	TD Securities 4 of 5 stars	M. Hulshof Subscribe to MarketBeat All Access for the recommendation accuracy rating	Downgrade	Strong-Buy ➝ Hold
7/12/2024	Scotiabank 5 of 5 stars		Lower Target	Sector Outperform ➝ Sector Outperform	$35.00 ➝ $34.00	+70.85%
5/28/2024	Raymond James Subscribe to MarketBeat All Access for the recommendation accuracy rating	J. Mccrea Subscribe to MarketBeat All Access for the recommendation accuracy rating	Upgrade	Moderate Buy
3/28/2024	Morgan Stanley Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Overweight ➝ Overweight	$28.00 ➝ $30.00	+50.00%
2/23/2024	UBS Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Upgrade	Neutral ➝ Buy
1/26/2024	Royal Bank of Canada Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Outperform ➝ Outperform	$28.00	+76.66%
6/6/2023	The Goldman Sachs Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Upgrade	Neutral ➝ Buy	$20.00 ➝ $22.00	+29.18%
1/17/2023	CIBC Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target		C$32.00 ➝ C$31.00
1/11/2023	National Bank Financial Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		C$36.00 ➝ C$39.00
11/21/2022	Credit Suisse Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target		C$37.00 ➝ C$35.00
10/19/2022	Jefferies Financial Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Initiated Coverage	Buy

Analyst ratings data on MarketBeat is provided by Benzinga and other data providers. This page was last refreshed on Wednesday at 11:21 PM ET.

Should I Buy Cenovus Energy Stock? CVE Pros and Cons Explained

These pros and cons were generated based on recent news and financial data from MarketBeat in order to provide readers with the fastest and most accurate insights. They were last updated on Tuesday, October 8, 2024. Please send any questions or comments about these Cenovus Energy pros and cons to contact@marketbeat.com.

Cenovus Energy
Bull Case

Here are some ways that investors could benefit from investing in Cenovus Energy Inc.:

Cenovus Energy Inc. has been given an average rating of "Buy" by brokerages, indicating positive sentiment from analysts.
Insiders have been actively buying shares of Cenovus Energy Inc., with recent purchases indicating confidence in the company's future performance.
The stock price of Cenovus Energy Inc. has shown resilience, trading at a level that presents a potential buying opportunity for investors.
Cenovus Energy Inc. has a strong market capitalization and a favorable debt-to-equity ratio, indicating financial stability.
The company's dividend payout ratio is reasonable, offering investors a steady income stream through dividends.

Cenovus Energy
Bear Case

Investors should be bearish about investing in Cenovus Energy Inc. for these reasons:

Cenovus Energy Inc. recently reported lower-than-expected earnings per share, which may raise concerns about the company's profitability.
The stock price of Cenovus Energy Inc. has experienced a decline, potentially signaling short-term challenges or market sentiment shifts.
Some analysts have revised price targets for Cenovus Energy Inc. downwards, indicating a cautious outlook on the stock's future performance.
The company's beta of 2.67 (TSE) and 2.05 (NYSE) suggests higher volatility compared to the market average, which may not suit all investors' risk tolerance levels.
Cenovus Energy Inc. operates in the energy sector, which is subject to fluctuations in commodity prices and regulatory changes, posing inherent risks to investors.

CVE Forecast - Frequently Asked Questions

: According to the research reports of 6 Wall Street equities research analysts, the average twelve-month stock price forecast for Cenovus Energy is $30.75, with a high forecast of $34.00 and a low forecast of $28.00.
: 6 Wall Street analysts have issued "buy," "hold," and "sell" ratings for Cenovus Energy in the last twelve months. There is currently 1 hold rating and 5 buy ratings for the stock. The consensus among Wall Street analysts is that investors should "moderate buy" CVE shares.
: According to analysts, Cenovus Energy's stock has a predicted upside of 74.77% based on their 12-month stock forecasts.
: Over the previous 90 days, Cenovus Energy's stock had 1 downgrade by analysts.
: Cenovus Energy has been rated by research analysts at BMO Capital Markets, Scotiabank, and TD Securities in the past 90 days.
: Analysts like Cenovus Energy more than other "oils/energy" companies. The consensus rating score for Cenovus Energy is 2.83 while the average consensus rating score for "oils/energy" companies is 2.62. Learn more on how CVE compares to other companies.

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This page (NYSE:CVE) was last updated on 10/9/2024 by MarketBeat.com Staff

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