JPMorgan Chase & Co. Lowers Cenovus Energy (TSE:CVE) Price Target to C$32.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective cut by research analysts at JPMorgan Chase & Co. from C$34.00 to C$32.00 in a report released on Friday,BayStreet.CA reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 102.40% from the company’s previous close.

Several other research analysts also recently weighed in on the company. Jefferies Financial Group reduced their target price on Cenovus Energy from C$32.00 to C$30.00 in a research note on Thursday, January 30th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. National Bank Financial lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 20th. TD Securities cut their target price on shares of Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Finally, Raymond James raised their price target on shares of Cenovus Energy from C$32.00 to C$33.00 in a research note on Friday, December 13th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and a consensus price target of C$29.40.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at C$15.81 on Friday. The firm has a market cap of C$28.80 billion, a PE ratio of 7.79, a P/E/G ratio of 0.09 and a beta of 2.63. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$29.65. The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The business has a 50-day moving average price of C$19.44 and a 200 day moving average price of C$21.26.

Insider Buying and Selling

In other Cenovus Energy news, Senior Officer Jeffery George Lawson bought 10,000 shares of the business’s stock in a transaction on Friday, February 21st. The stock was bought at an average price of C$21.39 per share, with a total value of C$213,900.00. Also, Senior Officer Karamjit Singh Sandhar bought 5,000 shares of Cenovus Energy stock in a transaction on Wednesday, February 26th. The stock was acquired at an average price of C$20.05 per share, for a total transaction of C$100,250.00. Over the last 90 days, insiders have purchased 31,934 shares of company stock worth $619,586. 32.03% of the stock is owned by corporate 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.