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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective decreased by JPMorgan Chase & Co. from C$47.00 to C$45.00 in a research note released on Thursday morning,BayStreet.CA reports.

Other analysts have also issued research reports about the stock. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. UBS Group raised their price objective on Cenovus Energy from C$36.00 to C$41.00 in a research note on Thursday, April 9th. Jefferies Financial Group lifted their price objective on shares of Cenovus Energy from C$30.00 to C$37.00 in a report on Monday, March 16th. Raymond James Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to a “moderate buy” rating and raised their price target for the stock from C$41.00 to C$42.00 in a research report on Wednesday, May 6th. Finally, TD lifted their price target on shares of Cenovus Energy from C$35.00 to C$45.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Buy” and an average price target of C$40.47.

Cenovus Energy Stock Down 2.4%

Shares of TSE CVE opened at C$36.85 on Thursday. Cenovus Energy has a 1 year low of C$19.05 and a 1 year high of C$44.13. The firm has a market cap of C$68.72 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 0.09 and a beta of 0.17. The company has a debt-to-equity ratio of 42.29, a quick ratio of 1.00 and a current ratio of 1.57. The stock’s 50-day simple moving average is C$38.60 and its 200-day simple moving average is C$33.06.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 EPS for the quarter. The business had revenue of C$12.36 billion for the quarter. Cenovus Energy had a return on equity of 15.23% and a net margin of 9.52%. As a group, equities analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.4%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. Cenovus Energy’s payout ratio is 31.87%.

Insider Activity at Cenovus Energy

In related news, insider Susan Mary Anderson-Olney sold 37,072 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of C$39.85, for a total transaction of C$1,477,319.20. Following the transaction, the insider owned 33,275 shares in the company, valued at 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 business’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of C$39.51, for a total value of C$2,741,480.37. Following the sale, the insider directly 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 position. Insiders sold 225,897 shares of company stock valued at $8,990,614 over the last quarter. 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.