Cenovus Energy (TSE:CVE) Upgraded by JPMorgan Chase & Co. to “Overweight” Rating

Cenovus Energy (TSE:CVE) (NYSE:CVE) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Tuesday, BayStreet reports. The brokerage presently has a C$58.00 price target on the stock, up from their prior price target of C$51.00. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 25.95% from the stock’s current price.

CVE has been the topic of a number of other research reports. Raymond James Financial upped their target price on Cenovus Energy from C$41.00 to C$46.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and increased their target price for the stock from C$42.00 to C$46.00 in a research report on Monday, June 29th. Royal Bank Of Canada boosted their price target on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Scotiabank lifted their price objective on Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research report on Thursday, July 30th. Finally, Desjardins set a C$50.00 target price on Cenovus Energy and gave the stock a “buy” rating in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Cenovus Energy presently has a consensus rating of “Buy” and an average price target of C$44.88.

Cenovus Energy Price Performance

CVE traded up C$1.22 on Tuesday, reaching C$46.05. The company had a trading volume of 3,484,344 shares, compared to its average volume of 7,438,551. The company has a fifty day moving average of C$41.02 and a 200-day moving average of C$37.96. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The company has a market capitalization of C$84.93 billion, a P/E ratio of 12.79, a PEG ratio of 0.09 and a beta of 0.19. Cenovus Energy has a one year low of C$21.62 and a one year high of C$46.60.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. The firm had revenue of C$17.43 billion for the quarter. As a group, equities research analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insiders Place Their Bets

In other Cenovus Energy news, Director Alex Pourbaix sold 30,186 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total transaction of C$1,272,943.62. Following the completion of the sale, the director directly owned 1,455,996 shares in the company, valued at C$61,399,351.32. This represents a 2.03% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the transaction, the insider directly owned 843,824 shares of the company’s stock, valued at C$36,697,905.76. This represents a 11.06% decrease in their position. Insiders sold 601,524 shares of company stock valued at $25,546,211 over the last 90 days. 32.03% of the stock is currently owned by company insiders.

About Cenovus Energy

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.