Cenovus Energy (TSE:CVE) Given New C$29.00 Price Target at JPMorgan Chase & Co.

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target trimmed by JPMorgan Chase & Co. from C$32.00 to C$29.00 in a report issued on Thursday,BayStreet.CA reports. The firm currently has an overweight rating on the stock.

A number of other equities research analysts have also issued reports on CVE. ATB Capital increased their target price on Cenovus Energy from C$25.00 to C$28.00 and gave the company an “outperform” rating in a research note on Monday, August 25th. Royal Bank Of Canada increased their target price on Cenovus Energy from C$25.00 to C$26.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Desjardins increased their target price on Cenovus Energy from C$27.50 to C$29.00 in a research note on Monday, August 25th. National Bank Financial upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 22nd. Finally, Veritas lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy has an average rating of “Buy” and a consensus price target of C$27.90.

Cenovus Energy Stock Performance

Shares of TSE:CVE opened at C$23.38 on Thursday. The firm has a market capitalization of C$42.08 billion, a PE ratio of 16.24, a P/E/G ratio of 0.09 and a beta of 0.78. The company has a debt-to-equity ratio of 33.59, a current ratio of 1.59 and a quick ratio of 1.00. The business has a 50-day moving average of C$20.99 and a two-hundred day moving average of C$19.27. Cenovus Energy has a 12 month low of C$14.48 and a 12 month high of C$25.31.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 29th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. Cenovus Energy’s dividend payout ratio is currently 51.39%.

Insider Buying and Selling

In related news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of the stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of C$20.28, for a total value of C$13,886,994.98. Corporate insiders own 32.03% of the company’s stock.

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.