JPMorgan Chase & Co. Issues Positive Forecast for Cenovus Energy (TSE:CVE) Stock Price

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective raised by JPMorgan Chase & Co. from C$25.00 to C$41.00 in a research note released on Tuesday morning,BayStreet.CA reports.

A number of other equities research analysts also recently issued reports on the stock. BMO Capital Markets lowered their target price on shares of Cenovus Energy from C$38.00 to C$35.00 and set an “outperform” rating for the company in a report on Friday, February 20th. National Bank Financial boosted their target price on shares of Cenovus Energy from C$30.00 to C$57.00 and gave the company an “outperform” rating in a report on Tuesday, March 31st. Scotiabank boosted their target price on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the company an “outperform” rating in a report on Friday, February 20th. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Finally, Jefferies Financial Group boosted their target price on shares of Cenovus Energy from C$30.00 to C$37.00 in a report on Monday, March 16th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Buy” and a consensus target price of C$38.58.

Cenovus Energy Stock Performance

Shares of TSE CVE opened at C$35.45 on Tuesday. The company has a market cap of C$66.63 billion, a PE ratio of 16.49, a price-to-earnings-growth ratio of 0.09 and a beta of 0.07. Cenovus Energy has a 12 month low of C$15.75 and a 12 month high of C$38.50. The company has a debt-to-equity ratio of 53.80, a current ratio of 1.57 and a quick ratio of 1.00. The company has a 50-day simple moving average of C$32.57 and a 200-day simple moving average of C$27.26.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Thursday, February 19th. The company reported C$0.50 EPS for the quarter. The business had revenue of C$10.88 billion during the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. On average, equities analysts anticipate that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, March 13th. Cenovus Energy’s payout ratio is currently 36.28%.

Insider Transactions at Cenovus Energy

In other Cenovus Energy news, insider John F. Soini sold 10,275 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total transaction of C$360,960.75. Following the completion of the sale, the insider directly owned 2,114 shares in the company, valued at C$74,264.82. The trade was a 82.94% decrease in their ownership of the stock. 32.03% of the stock is currently owned by corporate insiders.

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.