JPMorgan Chase & Co. Downgrades Cenovus Energy (TSE:CVE) to Neutral

Cenovus Energy (TSE:CVE) (NYSE:CVE) was downgraded by research analysts at JPMorgan Chase & Co. from a “buy” rating to a “neutral” rating in a report issued on Tuesday,BayStreet.CA reports. They presently have a C$25.00 target price on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 2.19% from the stock’s previous close.

CVE has been the subject of a number of other reports. Royal Bank Of Canada cut their price target on Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating for the company in a research note on Tuesday, January 13th. National Bankshares raised their price objective on shares of Cenovus Energy from C$28.00 to C$29.00 and gave the company an “outperform” rating in a research report on Friday, January 9th. Desjardins lifted their target price on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a research note on Friday, December 12th. Scotiabank increased their price target on shares of Cenovus Energy from C$27.00 to C$29.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 14th. Finally, Morgan Stanley lifted their price objective on shares of Cenovus Energy from C$26.00 to C$31.00 in a research note on Thursday, November 20th. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Cenovus Energy currently has an average rating of “Buy” and a consensus target price of C$29.14.

Cenovus Energy Trading Up 4.5%

Shares of TSE:CVE opened at C$25.56 on Tuesday. The firm has a fifty day moving average of C$24.22 and a two-hundred day moving average of C$23.06. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. Cenovus Energy has a 12-month low of C$14.48 and a 12-month high of C$26.36. The firm has a market capitalization of C$48.22 billion, a P/E ratio of 14.77, a price-to-earnings-growth ratio of 0.09 and a beta of 0.50.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Friday, October 31st. The company reported C$0.72 earnings per share (EPS) for the quarter. The business had revenue of C$13.20 billion during the quarter. Cenovus Energy had a return on equity of 12.67% and a net margin of 6.72%. On average, equities analysts expect that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Michael John Crothers bought 2,000 shares of the business’s stock in a transaction on Monday, December 15th. The stock was purchased at an average price of C$24.23 per share, with a total value of C$48,460.00. Following the transaction, the director directly owned 8,000 shares in the company, valued at approximately C$193,840. The trade was a 33.33% increase in their ownership of the stock. 32.03% of the stock is owned by company 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.