Cenovus Energy (NYSE:CVE) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a neutral rating to an overweight rating in a report published on Tuesday, MarketBeat Ratings reports.

Several other research firms have also recently issued reports on CVE. UBS Group cut Cenovus Energy from a “buy” rating to a “hold” rating in a report on Wednesday, September 2nd. Desjardins raised Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Royal Bank Of Canada upped their target price on shares of Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research note on Wednesday, August 19th. Finally, Wall Street Zen cut shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 5th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Cenovus Energy Stock Down 0.3%

NYSE:CVE opened at $33.34 on Tuesday. The stock’s fifty day moving average price is $29.83 and its two-hundred day moving average price is $27.59. Cenovus Energy has a 52-week low of $15.63 and a 52-week high of $34.16. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The company has a market cap of $61.43 billion, a price-to-earnings ratio of 12.83 and a beta of 0.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting analysts’ consensus estimates of $1.11. The firm had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The business’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same period last year, the company earned $0.45 EPS. On average, analysts anticipate that Cenovus Energy will post 3.2 EPS for the current year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s payout ratio is presently 24.62%.

Institutional Investors Weigh In On Cenovus Energy

Several large investors have recently modified their holdings of CVE. J.W. Cole Advisors Inc. increased its holdings in shares of Cenovus Energy by 3.9% during the fourth quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock worth $227,000 after buying an additional 500 shares in the last quarter. OLD National Bancorp IN boosted its holdings in shares of Cenovus Energy by 5.2% during the 1st quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company’s stock valued at $334,000 after acquiring an additional 618 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Cenovus Energy by 15.7% during the 4th quarter. IFP Advisors Inc now owns 4,839 shares of the oil and gas company’s stock valued at $82,000 after acquiring an additional 656 shares in the last quarter. CoreCap Advisors LLC grew its position in Cenovus Energy by 17.1% during the 2nd quarter. CoreCap Advisors LLC now owns 4,710 shares of the oil and gas company’s stock worth $117,000 after acquiring an additional 687 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its position in Cenovus Energy by 0.6% during the 4th quarter. Public Sector Pension Investment Board now owns 129,035 shares of the oil and gas company’s stock worth $2,183,000 after acquiring an additional 706 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors.

About Cenovus Energy

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.