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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective raised by investment analysts at JPMorgan Chase & Co. from C$45.00 to C$51.00 in a research note issued to investors on Thursday,BayStreet.CA reports. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 21.86% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Scotiabank upped 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 note on Thursday. TD lifted their price objective on Cenovus Energy from C$46.00 to C$49.00 and gave the company a “buy” rating in a research note on Thursday. UBS Group boosted their target price on Cenovus Energy from C$36.00 to C$41.00 in a report on Thursday, April 9th. Desjardins set a C$50.00 target price on shares of Cenovus Energy and gave the stock a “buy” rating in a research report on Friday, July 17th. Finally, Raymond James Financial raised their price target on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the company an “outperform” rating in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of C$43.73.

Cenovus Energy Trading Up 2.5%

Shares of CVE traded up C$1.02 during mid-day trading on Thursday, reaching C$41.85. The company had a trading volume of 2,223,963 shares, compared to its average volume of 7,872,472. Cenovus Energy has a fifty-two week low of C$19.97 and a fifty-two week high of C$44.13. The firm has a fifty day simple moving average of C$38.28 and a 200-day simple moving average of C$34.71. The stock has a market cap of C$78.04 billion, a price-to-earnings ratio of 16.67, a price-to-earnings-growth ratio of 0.09 and a beta of 0.17. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 42.29.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. The business had revenue of C$17.43 billion during the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%. On average, sell-side analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Transactions at Cenovus Energy

In other news, insider Susan Mary Anderson-Olney sold 37,072 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of C$39.85, for a total value of C$1,477,319.20. Following the completion of the sale, the insider owned 33,275 shares in the company, valued at approximately C$1,326,008.75. This trade represents a 52.70% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 69,387 shares of the firm’s stock in a transaction dated 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 sale, the insider owned 1,143,824 shares in the company, valued at approximately C$45,192,486.24. The trade was a 5.72% decrease in their ownership of the stock. In the last 90 days, insiders have sold 225,897 shares of company stock worth $8,990,614. 32.03% of the stock is currently owned by 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.