Cenovus Energy (NYSE:CVE) Earns “Neutral” Rating from JPMorgan Chase & Co.

Cenovus Energy (NYSE:CVE) (TSE:CVE)‘s stock had its “neutral” rating reissued by research analysts at JPMorgan Chase & Co. in a report issued on Tuesday,Benzinga reports.

A number of other brokerages have also recently commented on CVE. Zacks Research upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 16th. Raymond James Financial raised Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, October 9th. BMO Capital Markets set a $29.00 target price on Cenovus Energy in a report on Monday, November 17th. The Goldman Sachs Group initiated coverage on shares of Cenovus Energy in a research note on Friday, January 2nd. They issued a “buy” rating and a $20.00 price target for the company. Finally, TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, December 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $27.00.

Cenovus Energy Price Performance

CVE stock opened at $18.02 on Tuesday. The firm has a 50 day simple moving average of $17.45 and a two-hundred day simple moving average of $16.59. The stock has a market cap of $33.94 billion, a PE ratio of 14.77 and a beta of 0.49. Cenovus Energy has a one year low of $10.23 and a one year high of $18.75. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.73 and a quick ratio of 1.18.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.12. Cenovus Energy had a net margin of 6.23% and a return on equity of 10.73%. The firm had revenue of $10.87 billion for the quarter, compared to analysts’ expectations of $12.51 billion. During the same quarter last year, the company posted $0.42 EPS. The business’s quarterly revenue was down 7.0% on a year-over-year basis. On average, analysts predict that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CVE. Ridgewood Investments LLC purchased a new position in Cenovus Energy during the second quarter valued at $27,000. Atlantic Union Bankshares Corp bought a new stake in shares of Cenovus Energy in the 2nd quarter worth about $27,000. Allworth Financial LP increased its stake in Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 1,168 shares during the last quarter. Geneos Wealth Management Inc. increased its position in shares of Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Cenovus Energy during the 3rd quarter valued at $50,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

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.