Cenovus Energy (TSE:CVE) Downgraded by JPMorgan Chase & Co. to “Neutral”

Cenovus Energy (TSE:CVE) (NYSE:CVE) was downgraded by analysts at JPMorgan Chase & Co. from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday,BayStreet.CA reports. They currently have a C$25.00 target price on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 1.54% from the company’s current price.

Several other equities research analysts have also commented on the stock. Morgan Stanley boosted their price objective on shares of Cenovus Energy from C$26.00 to C$31.00 in a research note on Thursday, November 20th. Royal Bank Of Canada decreased their target price on shares of Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 13th. Scotiabank lifted their target price on Cenovus Energy from C$27.00 to C$29.00 and gave the company an “outperform” rating in a research note on Tuesday, October 14th. Desjardins upped their price objective on Cenovus Energy from C$33.00 to C$33.50 and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a research report on Friday, January 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of C$29.14.

Cenovus Energy Trading Down 2.1%

Shares of TSE CVE traded down C$0.52 during mid-day trading on Tuesday, hitting C$24.62. The stock had a trading volume of 5,450,644 shares, compared to its average volume of 12,081,074. The company has a debt-to-equity ratio of 33.59, a quick ratio of 1.00 and a current ratio of 1.59. The business has a 50 day moving average price of C$24.24 and a two-hundred day moving average price of C$23.01. The firm has a market cap of C$46.44 billion, a P/E ratio of 14.23, a price-to-earnings-growth ratio of 0.09 and a beta of 0.50. Cenovus Energy has a 1 year low of C$14.48 and a 1 year high of C$26.36.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Friday, October 31st. The company reported C$0.72 earnings per share (EPS) for the quarter. The company had revenue of C$13.20 billion for the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%. On average, equities analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, Director Michael John Crothers acquired 2,000 shares of Cenovus Energy stock in a transaction that occurred on Monday, December 15th. The stock was bought at an average price of C$24.23 per share, with a total value of C$48,460.00. Following the completion of the purchase, the director directly owned 8,000 shares of the company’s stock, valued at approximately C$193,840. This represents a 33.33% increase in their position. 32.03% of the stock is currently owned by insiders.

Cenovus Energy Company Profile

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.