Scotiabank has revised its outlook for Cenovus Energy (CVE, Financial), lowering the price target from C$30 to C$27 while maintaining an Outperform rating on the stock. This adjustment is part of a broader update on Canadian exploration and production companies within the firm's coverage.
The adjustment reflects expectations of softened global oil prices exerting pressure on Canadian oil benchmarks in the coming years, specifically in 2025 and 2026. Despite this, Scotiabank remains optimistic about Cenovus Energy's performance, suggesting that the company is still likely to outperform its peers in the market.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 9 analysts, the average target price for Cenovus Energy Inc (CVE, Financial) is $19.27 with a high estimate of $22.98 and a low estimate of $17.60. The average target implies an upside of 75.96% from the current price of $10.95. More detailed estimate data can be found on the Cenovus Energy Inc (CVE) Forecast page.
Based on the consensus recommendation from 10 brokerage firms, Cenovus Energy Inc's (CVE, Financial) average brokerage recommendation is currently 2.1, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Cenovus Energy Inc (CVE, Financial) in one year is $14.98, suggesting a upside of 36.8% from the current price of $10.95. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Cenovus Energy Inc (CVE) Summary page.
