Cenovus Energy (TSE:CVE) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Cenovus Energy (TSE:CVE) (NYSE:CVE) from a buy rating to a neutral rating in a research note published on Tuesday,BayStreet.CA reports. They currently have C$25.00 price target on the stock.

CVE has been the topic of several other reports. The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a report on Friday, January 2nd. Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from C$30.00 to C$32.00 in a research report on Thursday, October 9th. Royal Bank Of Canada dropped their price objective 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. National Bankshares upped their target price on shares of Cenovus Energy from C$28.00 to C$29.00 and gave the company an “outperform” rating in a research note on Friday, January 9th. Finally, Scotiabank raised their price target on shares of Cenovus Energy from C$27.00 to C$29.00 and gave the company an “outperform” rating in a report on Tuesday, October 14th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy currently has an average rating of “Buy” and a consensus price target of C$29.14.

Cenovus Energy Stock Performance

TSE:CVE opened at C$25.41 on Tuesday. The firm’s fifty day simple moving average is C$24.22 and its 200 day simple moving average is C$23.08. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$26.36. The firm has a market capitalization of C$47.93 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 0.09 and a beta of 0.50.

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 firm had revenue of C$13.20 billion during the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%. As a group, equities research analysts expect that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Monday, December 15th. Cenovus Energy’s dividend payout ratio is 43.93%.

Insider Buying and Selling at Cenovus Energy

In related news, Director Michael John Crothers purchased 2,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was acquired at an average price of C$24.23 per share, with a total value of C$48,460.00. Following the completion of the transaction, the director owned 8,000 shares of the company’s stock, valued at C$193,840. This represents a 33.33% increase in their ownership of the stock. Insiders own 32.03% of the company’s stock.

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.