Cenovus Energy (TSE:CVE) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Cenovus Energy (TSE:CVE) (NYSE:CVE) from a neutral rating to an overweight rating in a research report sent to investors on Tuesday morning,BayStreet reports. The firm currently has C$58.00 target price on the stock, up from their prior target price of C$51.00.

CVE has been the topic of a number of other research reports. TD lifted their target price on Cenovus Energy from C$46.00 to C$49.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Canadian Imperial Bank of Commerce increased their target price on shares of Cenovus Energy from C$48.00 to C$52.00 in a report on Thursday, August 27th. Scotiabank raised their price target on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the company a “sector outperform” rating in a research note on Thursday, July 30th. National Bank Financial set a C$60.00 price target on shares of Cenovus Energy and gave the company an “outperform” rating in a report on Tuesday, August 25th. Finally, Raymond James Financial upped their price objective on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of C$44.88.

Cenovus Energy Trading Down 0.1%

Shares of CVE stock opened at C$46.16 on Tuesday. The stock’s fifty day moving average price is C$41.68 and its two-hundred day moving average price is C$38.28. The company has a market cap of C$85.13 billion, a PE ratio of 12.82, a P/E/G ratio of 0.09 and a beta of 0.19. Cenovus Energy has a fifty-two week low of C$21.62 and a fifty-two week high of C$47.13. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last posted its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 EPS for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%.The company had revenue of C$17.43 billion during the quarter. Equities analysts predict that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is presently 22.78%.

Insider Buying and Selling at Cenovus Energy

In other news, Director Alex Pourbaix sold 432,731 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of C$42.05, for a total transaction of C$18,196,338.55. Following the sale, the director directly owned 1,455,996 shares in the company, valued at approximately C$61,224,631.80. The trade was a 22.91% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of C$43.49, for a total value of C$4,565,319.26. Following the completion of the transaction, the insider directly owned 843,824 shares of the company’s stock, valued at C$36,697,905.76. This represents a 11.06% decrease in their position. Over the last three months, insiders sold 601,524 shares of company stock worth $25,546,211. 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.