Cenovus Energy (NYSE:CVE) Upgraded at JPMorgan Chase & Co.

Key Points

• JPMorgan upgraded Cenovus Energy from “neutral” to “overweight,” while analysts overall maintain a “Moderate Buy” consensus and a $39.00 average price target.
• Cenovus reported quarterly EPS of $1.11, in line with estimates, while revenue of $14.59 billion exceeded forecasts and rose 47.9% year over year.
• The stock opened at $32.40, near its 52-week high of $33.40; institutional investors own approximately 51.19% of the company.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE was upgraded by equities researchers at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report released on Tuesday, Marketbeat.com reports.

Other equities analysts also recently issued research reports about the stock. Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from $47.00 to $51.00 and gave the company an "outperform" rating in a research note on Thursday, July 30th. UBS Group cut Cenovus Energy from a "buy" rating to a "hold" rating in a research report on Wednesday, September 2nd. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Cenovus Energy in a report on Thursday, August 27th. Morgan Stanley reissued an "overweight" rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Finally, Gerdes Energy Research upgraded Cenovus Energy from a "neutral" rating to a "buy" rating and set a $50.00 price target on the stock in a research note on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $39.00.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $32.40 on Tuesday. 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 has a 52 week low of $15.63 and a 52 week high of $33.40. The firm's 50 day moving average is $29.31 and its two-hundred day moving average is $27.37. The firm has a market capitalization of $59.69 billion, a P/E ratio of 12.46 and a beta of 0.35.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting the consensus estimate of $1.11. The business had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company's revenue was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 EPS. Research analysts forecast that Cenovus Energy will post 3.2 EPS for the current fiscal year.

Institutional Trading of Cenovus Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVE. Orion Capital Management LLC purchased a new position in shares of Cenovus Energy in the 2nd quarter valued at approximately $25,000. Transamerica Financial Advisors LLC raised its stake in shares of Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 1,433 shares during the last quarter. Gables Capital Management Inc. acquired a new stake in shares of Cenovus Energy during the second quarter worth $35,000. Kestra Advisory Services LLC acquired a new stake in shares of Cenovus Energy during the fourth quarter worth $38,000. Finally, Geneos Wealth Management Inc. grew its position in Cenovus Energy by 74.1% in 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 buying an additional 1,384 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.