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Cenovus Energy (CVE) Receives a Buy from J.P. Morgan

J.P. Morgan analyst John Royall reiterated a Buy rating on Cenovus Energy (CVEResearch Report) yesterday. The company’s shares closed yesterday at $19.25.

According to TipRanks, Royall is a 4-star analyst with an average return of 7.9% and a 63.33% success rate. Royall covers the Utilities sector, focusing on stocks such as Occidental Petroleum, Suncor Energy, and Cenovus Energy.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cenovus Energy with a $24.61 average price target, implying a 27.84% upside from current levels. In a report released on January 23, RBC Capital also maintained a Buy rating on the stock with a C$32.00 price target.

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The company has a one-year high of $24.51 and a one-year low of $13.81. Currently, Cenovus Energy has an average volume of 6.16M.

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Cenovus Energy, Inc. engages in gas and oil provisions. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. It operates through four segments: Oil Sands, Deep Basin, Refining & Marketing, and Corporate & Eliminations. The Oil sands segment includes the development and production of bitumen in northeast Alberta including Foster Creek, Christina Lake and Narrows Lake as well as projects in the early stages of development. The Deep Basin segment includes includes land primarily in the Elmworth-Wapiti, Kaybob-Edson, and Clearwater operating areas. The Refining and Marketing segment provides transportation and selling of crude oil, antural gas and NGLS. The Corporate and Eliminations segment includes unrealized gains and losses recorded on derivative financial instruments, divestiture of assets, as well as other administrative, financing activities and research costs. The company was founded in 1881 and is headquartered in Calgary, Canada.

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