JPMorgan Chase & Co. Upgrades Cenovus Energy (NYSE:CVE) to Overweight

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Tuesday, Marketbeat Ratings reports.

Other research analysts have also issued research reports about the company. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Cenovus Energy in a report on Thursday, August 27th. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Zacks Research lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a research note on Wednesday, May 13th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average price target of $39.00.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $32.40 on Tuesday. Cenovus Energy has a 52 week low of $15.63 and a 52 week high of $33.40. The company has a 50-day moving average price of $29.31 and a 200 day moving average price of $27.37. The company has a market cap of $59.69 billion, a P/E ratio of 12.46 and a beta of 0.35. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.11. The company had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The firm’s quarterly revenue was up 47.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 EPS. Research analysts predict that Cenovus Energy will post 3.2 earnings per share for the current year.

Institutional Investors Weigh In On Cenovus Energy

Several institutional investors and hedge funds have recently made changes to their positions in the business. J.W. Cole Advisors Inc. grew its stake in Cenovus Energy by 3.9% in the 4th quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock valued at $227,000 after acquiring an additional 500 shares during the last quarter. OLD National Bancorp IN raised its position in Cenovus Energy by 5.2% during the first quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company’s stock worth $334,000 after acquiring an additional 618 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Cenovus Energy by 15.7% in the fourth quarter. IFP Advisors Inc now owns 4,839 shares of the oil and gas company’s stock valued at $82,000 after purchasing an additional 656 shares in the last quarter. CoreCap Advisors LLC grew its position in shares of Cenovus Energy by 17.1% in the second quarter. CoreCap Advisors LLC now owns 4,710 shares of the oil and gas company’s stock valued at $117,000 after purchasing an additional 687 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its position in shares of Cenovus Energy by 0.6% in the fourth quarter. Public Sector Pension Investment Board now owns 129,035 shares of the oil and gas company’s stock valued at $2,183,000 after purchasing an additional 706 shares during the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.