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 - Get Free Report) NYSE: CVE had its price target decreased by analysts at JPMorgan Chase & Co. from C$32.00 to C$29.00 in a research report issued on Thursday,BayStreet.CA reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 23.88% from the stock's previous close.

CVE has been the subject of several other research reports. Raymond James Financial lifted their price target on Cenovus Energy from C$29.00 to C$30.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. ATB Capital lifted their target price on Cenovus Energy from C$25.00 to C$28.00 and gave the stock an "outperform" rating in a report on Monday, August 25th. National Bankshares increased their price target on Cenovus Energy from C$28.00 to C$29.00 and gave the company an "outperform" rating in a report on Wednesday. Desjardins increased their price target on Cenovus Energy from C$27.50 to C$29.00 in a report on Monday, August 25th. Finally, Jefferies Financial Group upped their price target on shares of Cenovus Energy from C$25.00 to C$29.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of C$27.90.

Cenovus Energy Price Performance

Cenovus Energy stock traded down C$0.27 during mid-day trading on Thursday, reaching C$23.41. 6,239,506 shares of the company's stock traded hands, compared to its average volume of 7,406,104. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$25.31. The company has a market cap of C$42.13 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 0.09 and a beta of 0.78. The stock has a 50 day moving average of C$20.90 and a two-hundred day moving average of C$19.25. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59.

Insider Activity

In other news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 2,438,525 shares of Cenovus Energy stock in a transaction on Friday, June 13th. The shares were sold at an average price of C$20.03, for a total transaction of C$48,849,820.34. Corporate insiders own 32.03% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.