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

JPMorgan Chase & Co. lowered shares of Cenovus Energy (TSE:CVE) (NYSE:CVE) from a buy rating to a neutral rating in a report released on Tuesday morning,BayStreet.CA reports. They currently have C$25.00 price objective on the stock.

Several other research firms also recently weighed in on CVE. Scotiabank raised their price target on Cenovus Energy from C$27.00 to C$29.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 14th. National Bankshares lifted their price objective on Cenovus Energy from C$28.00 to C$29.00 and gave the stock an “outperform” rating in a research report on Friday, January 9th. Royal Bank Of Canada reduced their target price on shares of Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a report on Tuesday, January 13th. Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from C$30.00 to C$32.00 in a research note on Thursday, October 9th. Finally, Desjardins lifted their price target on shares of Cenovus Energy from C$33.00 to C$33.50 and gave the stock a “buy” rating in a report on Friday, December 12th. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Cenovus Energy currently has an average rating of “Buy” and a consensus price target of C$29.14.

Cenovus Energy Stock Performance

TSE:CVE opened at C$24.46 on Tuesday. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The company has a market capitalization of C$46.14 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 0.09 and a beta of 0.50. The firm has a 50-day moving average price of C$24.21 and a two-hundred day moving average price of C$23.05. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$26.36.

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

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.80 annualized dividend and a yield of 3.3%. Cenovus Energy’s dividend payout ratio is 43.93%.

Insiders Place Their Bets

In related news, Director Michael John Crothers purchased 2,000 shares of the firm’s stock in a transaction on Monday, December 15th. The shares were bought at an average price of C$24.23 per share, for a total transaction of C$48,460.00. Following the acquisition, the director directly owned 8,000 shares in the company, valued at C$193,840. This trade represents a 33.33% increase 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.