Cenovus Energy (TSE:CVE) Stock Rating Upgraded by JPMorgan Chase & Co.

Key Points

• JPMorgan upgraded Cenovus Energy from “neutral” to “overweight” and raised its price target from C$51 to C$58, implying approximately 26% upside from the prior close.
• Cenovus shares rose 2.7% to C$46.05, near their 52-week high of C$46.60. Analysts overall maintain a “Buy” consensus, with an average price target of C$44.88.
• Recent insider activity was bearish: insiders sold 601,524 shares worth about C$25.5 million over 90 days, including notable sales by an executive and a director.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE was upgraded by JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a research report issued to clients and investors on Tuesday, BayStreet reports. The brokerage currently has a C$58.00 price objective on the stock, up from their previous price objective of C$51.00. JPMorgan Chase & Co.'s target price would indicate a potential upside of 25.95% from the stock's previous close.

Other research analysts have also recently issued reports about the stock. Canadian Imperial Bank of Commerce boosted their target price on shares of Cenovus Energy from C$48.00 to C$52.00 in a research report on Thursday, August 27th. Raymond James Financial raised their target price on Cenovus Energy from C$41.00 to C$46.00 and gave the company an "outperform" rating in a research note on Thursday, July 30th. Gerdes Energy Research upgraded Cenovus Energy from a "neutral" rating to a "buy" rating and boosted their price target for the stock from C$42.00 to C$46.00 in a research note on Monday, June 29th. UBS Group lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 2nd. Finally, Desjardins set a C$50.00 target price on Cenovus Energy and gave the company a "buy" rating in a research report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of C$44.88.

Cenovus Energy Stock Up 2.7%

TSE CVE traded up C$1.22 during trading hours on Tuesday, hitting C$46.05. The company had a trading volume of 3,484,344 shares, compared to its average volume of 7,438,551. The firm's 50 day moving average is C$41.02 and its 200 day moving average is C$37.96. The company has a debt-to-equity ratio of 34.01, a current ratio of 1.63 and a quick ratio of 1.00. Cenovus Energy has a fifty-two week low of C$21.62 and a fifty-two week high of C$46.60. The company has a market capitalization of C$84.93 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 0.09 and a beta of 0.19.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last issued its earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share for the quarter. The company had revenue of C$17.43 billion during the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. Sell-side analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Insider Transactions at Cenovus Energy

In related news, insider Jonathan Michael Mckenzie sold 104,974 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the completion of the transaction, the insider owned 843,824 shares in the company, valued at C$36,697,905.76. The trade was a 11.06% decrease in their position. Also, Director Alex Pourbaix sold 30,186 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the transaction, the director owned 1,455,996 shares of the company's stock, valued at approximately C$61,399,351.32. The trade was a 2.03% decrease in their ownership of the stock. In the last ninety days, insiders have sold 601,524 shares of company stock worth $25,546,211. 32.03% of the stock is currently owned by company insiders.

About Cenovus Energy

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.

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