Cenovus Energy (TSE:CVE) Price Target Cut to C$45.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. cut Cenovus Energy’s price target from C$47.00 to C$45.00, while still implying about 21.72% upside from the prior close.
• Analyst sentiment remains broadly positive: Cenovus has an average “Buy” rating, with three Strong Buys, eleven Buys, and one Hold, and a consensus price target of C$40.47.
• The stock fell 2.1% to C$36.97, and the company recently reported quarterly EPS of C$0.84 on revenue of C$12.36 billion.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE had its target price decreased by stock analysts at JPMorgan Chase & Co. from C$47.00 to C$45.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. JPMorgan Chase & Co.'s price target suggests a potential upside of 21.72% from the company's previous close.

Several other brokerages have also recently issued reports on CVE. Scotiabank upgraded Cenovus Energy to a "strong-buy" rating in a research note on Friday, June 26th. Royal Bank Of Canada boosted their target price on Cenovus Energy from C$45.00 to C$47.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 19th. UBS Group upped their price target on Cenovus Energy from C$36.00 to C$41.00 in a report on Thursday, April 9th. Scotia increased their price target on Cenovus Energy from C$38.00 to C$44.00 and gave the company a "sector outperform" rating in a research report on Thursday, May 7th. Finally, TD lifted their price objective on Cenovus Energy from C$35.00 to C$45.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of C$40.47.

Cenovus Energy Stock Down 2.1%

Shares of CVE stock traded down C$0.78 during trading on Thursday, reaching C$36.97. The company's stock had a trading volume of 2,121,889 shares, compared to its average volume of 8,247,271. The company has a debt-to-equity ratio of 42.29, a current ratio of 1.57 and a quick ratio of 1.00. The company has a market capitalization of C$68.94 billion, a price-to-earnings ratio of 14.73, a P/E/G ratio of 0.09 and a beta of 0.17. The stock's 50-day moving average price is C$38.61 and its 200 day moving average price is C$32.96. Cenovus Energy has a 1-year low of C$19.05 and a 1-year high of C$44.13.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its earnings results on Wednesday, May 6th. The company reported C$0.84 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$12.36 billion for the quarter. On average, research analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current year.

Insider Activity at Cenovus Energy

In related news, insider Jonathan Michael Mckenzie sold 69,387 shares of the stock in a transaction on Wednesday, May 27th. The shares were 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 of the company's stock, valued at C$45,192,486.24. This trade represents a 5.72% decrease in their position. Also, insider Susan Mary Anderson-Olney sold 19,379 shares of Cenovus Energy stock in a transaction on Friday, May 15th. The stock was sold at an average price of C$41.84, for a total transaction of C$810,817.36. Following the sale, the insider owned 33,275 shares in the company, valued at C$1,392,226. This represents a 36.80% decrease in their ownership of the stock. Insiders have sold a total of 225,897 shares of company stock valued at $8,990,614 in the last 90 days. 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.

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