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

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target dropped by investment analysts at JPMorgan Chase & Co. from C$34.00 to C$32.00 in a report issued on Friday,BayStreet.CA reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 100.63% from the stock’s previous close.

CVE has been the topic of a number of other research reports. Jefferies Financial Group cut their price target on shares of Cenovus Energy from C$32.00 to C$30.00 in a report on Thursday, January 30th. BMO Capital Markets cut their target price on Cenovus Energy from C$28.00 to C$25.00 in a research note on Friday, December 13th. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. TD Securities lowered their price target on Cenovus Energy from C$29.00 to C$28.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Finally, CIBC reduced their price objective on Cenovus Energy from C$32.00 to C$28.00 in a report on Thursday. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$29.40.

Cenovus Energy Stock Up 2.9 %

TSE:CVE traded up C$0.45 during mid-day trading on Friday, hitting C$15.95. 2,832,713 shares of the company’s stock were exchanged, compared to its average volume of 6,024,491. 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 company has a market cap of C$29.05 billion, a PE ratio of 7.86, a P/E/G ratio of 0.09 and a beta of 2.63. The business has a fifty day moving average price of C$19.55 and a 200 day moving average price of C$21.30. Cenovus Energy has a one year low of C$14.48 and a one year high of C$29.65.

Insiders Place Their Bets

In related news, Senior Officer Karamjit Singh Sandhar acquired 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was bought at an average cost of C$20.05 per share, for a total transaction of C$100,250.00. Also, Senior Officer John F. Soini bought 5,880 shares of the firm’s stock in a transaction on Wednesday, April 9th. The shares were purchased at an average price of C$16.89 per share, for a total transaction of C$99,313.20. Over the last ninety days, insiders have acquired 31,934 shares of company stock worth $619,586. Company 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.