JPMorgan Chase & Co. Cuts Cenovus Energy (TSE:CVE) Price Target to C$29.00

Key Points

• JPMorgan Chase & Co. has lowered its price target for Cenovus Energy from C$32.00 to C$29.00, while maintaining an "overweight" rating, suggesting a potential upside of 23.88% from its previous close.
• Other analysts have varying price targets for Cenovus, with Raymond James boosting it to C$30.00, while National Bankshares and Desjardins increased theirs to C$29.00, all rating the stock as "outperform."
• Cenovus Energy shares traded at C$23.41 recently, with a market cap of C$42.13 billion and a 12-month price range between C$14.48 and C$25.31.

Cenovus Energy (TSE:CVE - Free Report) NYSE: CVE had its target price lowered by JPMorgan Chase & Co. from C$32.00 to C$29.00 in a report issued on Thursday morning,BayStreet.CA reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

CVE has been the subject of a number of other research reports. Desjardins raised their target price on shares of Cenovus Energy from C$27.50 to C$29.00 in a research note on Monday, August 25th. National Bank Financial upgraded shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. ATB Capital raised their target price on shares of Cenovus Energy from C$25.00 to C$28.00 and gave the stock an "outperform" rating in a research note on Monday, August 25th. Jefferies Financial Group raised their target price on shares of Cenovus Energy from C$25.00 to C$29.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Finally, Raymond James Financial raised their target price on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of C$27.90.

Cenovus Energy Stock Performance

Shares of TSE CVE traded up C$0.56 during mid-day trading on Thursday, reaching C$24.17. 14,017,170 shares of the company were exchanged, compared to its average volume of 7,562,813. The company's 50-day simple moving average is C$21.16 and its 200-day simple moving average is C$19.31. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The stock has a market capitalization of C$43.50 billion, a P/E ratio of 16.78, a P/E/G ratio of 0.09 and a beta of 0.78. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$25.31.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 29th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.80 annualized dividend and a dividend yield of 3.3%. Cenovus Energy's payout ratio is 51.39%.

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.