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

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

Other equities analysts also recently issued reports about the stock. National Bank Financial upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. ATB Capital increased their target price on shares of Cenovus Energy from C$25.00 to C$28.00 and gave the stock an “outperform” rating in a report on Monday, August 25th. National Bankshares raised their price objective on shares of Cenovus Energy from C$28.00 to C$29.00 and gave the company an “outperform” rating in a report on Wednesday. Raymond James Financial raised their price objective on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Finally, Jefferies Financial Group lifted their price target on shares of Cenovus Energy from C$25.00 to C$29.00 and gave the company a “buy” rating in a research report on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of C$27.90.

Cenovus Energy Price Performance

Cenovus Energy stock opened at C$23.38 on Thursday. The company’s 50 day simple moving average is C$21.07 and its 200 day simple moving average is C$19.29. Cenovus Energy has a fifty-two week low of C$14.48 and a fifty-two week high of C$25.31. The firm has a market capitalization of C$42.08 billion, a price-to-earnings ratio of 16.24, a PEG 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.

Cenovus Energy Announces Dividend

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

Insider Buying and Selling at Cenovus Energy

In other news, insider Hutchison Whampoa Europe Investments S.à r.l. sold 684,838 shares of Cenovus Energy stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of C$20.28, for a total transaction of C$13,886,994.98. 32.03% of the stock is currently owned by 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.