Cenovus Energy (TSE:CVE) Given New C$51.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Cenovus Energy’s price target to C$51.00 from C$45.00, implying 21.86% upside from the stock’s current price.
• Analyst sentiment remains positive, with two Strong Buy ratings, 12 Buy ratings and one Hold rating; the consensus target is C$43.73.
• Cenovus reported quarterly EPS of C$1.53 and revenue of C$17.43 billion, while the stock traded at C$41.85 and has risen substantially from its 52-week low of C$19.97.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its price target increased by stock analysts at JPMorgan Chase & Co. from C$45.00 to C$51.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. JPMorgan Chase & Co.'s price target would suggest a potential upside of 21.86% from the stock's current price.

Several other research analysts also recently issued reports on the company. Desjardins set a C$50.00 price objective on Cenovus Energy and gave the stock a "buy" rating in a research report on Friday, July 17th. Gerdes Energy Research upgraded Cenovus Energy from a "neutral" rating to a "buy" rating and increased their target price for the company from C$42.00 to C$46.00 in a report on Monday, June 29th. Scotiabank raised their price target on Cenovus Energy from C$49.00 to C$51.00 and gave the stock a "sector outperform" rating in a research report on Thursday. Scotia boosted their price target on Cenovus Energy from C$38.00 to C$44.00 and gave the stock a "sector outperform" rating in a report on Thursday, May 7th. Finally, TD upped their price objective on Cenovus Energy from C$46.00 to C$49.00 and gave the company a "buy" rating in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of C$43.73.

Cenovus Energy Price Performance

TSE CVE traded up C$1.02 during trading hours on Thursday, reaching C$41.85. The company's stock had a trading volume of 2,223,963 shares, compared to its average volume of 7,872,472. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57. The company's 50-day moving average is C$38.28 and its two-hundred day moving average is C$34.71. Cenovus Energy has a fifty-two week low of C$19.97 and a fifty-two week high of C$44.13. The stock has a market cap of C$78.04 billion, a PE ratio of 16.67, a PEG ratio of 0.09 and a beta of 0.17.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. Cenovus Energy had a net margin of 9.52% and a return on equity of 15.23%. The company had revenue of C$17.43 billion for the quarter. Analysts forecast that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Activity at Cenovus Energy

In other Cenovus Energy news, insider Susan Mary Anderson-Olney sold 19,379 shares of the business's stock in a transaction on Friday, May 15th. The stock was sold at an average price of C$41.84, for a total value of C$810,817.36. Following the completion of the transaction, the insider directly owned 33,275 shares in the company, valued at approximately C$1,392,226. The trade was a 36.80% decrease in their position. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the transaction, the insider directly owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. This represents a 5.72% decrease in their position. Insiders sold a total of 225,897 shares of company stock valued at $8,990,614 over the last ninety days. 32.03% of the stock is owned by corporate insiders.

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.

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