Cenovus Energy (NYSE:CVE) Given “Neutral” Rating at JPMorgan Chase & Co.

JPMorgan Chase & Co. restated their neutral rating on shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) in a report issued on Tuesday morning, MarketBeat.com reports.

A number of other brokerages have also recently issued reports on CVE. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a report on Thursday, November 20th. TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, December 3rd. Royal Bank Of Canada increased their price objective on Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, November 17th. Raymond James Financial upgraded shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, October 9th. Finally, Wall Street Zen raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Four equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Cenovus Energy presently has an average rating of “Buy” and an average target price of $27.00.

Cenovus Energy Trading Down 2.0%

Shares of CVE stock opened at $17.67 on Tuesday. The firm has a fifty day moving average of $17.44 and a 200-day moving average of $16.62. The stock has a market cap of $33.29 billion, a price-to-earnings ratio of 14.49 and a beta of 0.49. Cenovus Energy has a 52-week low of $10.23 and a 52-week high of $18.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. Cenovus Energy had a net margin of 6.23% and a return on equity of 10.73%. The business had revenue of $10.87 billion for the quarter, compared to analysts’ expectations of $12.51 billion. During the same quarter in the previous year, the firm posted $0.42 earnings per share. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. On average, equities research analysts forecast that Cenovus Energy will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Monday, December 15th. Cenovus Energy’s dividend payout ratio is presently 46.72%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Ridgewood Investments LLC bought a new stake in Cenovus Energy during the 2nd quarter worth about $27,000. Atlantic Union Bankshares Corp bought a new position in shares of Cenovus Energy in the second quarter worth about $27,000. Allworth Financial LP lifted its position in shares of Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 1,168 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Cenovus Energy during the third quarter valued at approximately $50,000. 51.19% of the stock is owned by institutional investors.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.