PNC Financial Services Group Inc. boosted its position in shares of Cenovus Energy Inc. (NYSE:CVE – Free Report) (TSE:CVE) by 3.8% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 76,366 shares of the oil and gas company’s stock after acquiring an additional 2,821 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cenovus Energy were worth $1,590,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVE. Canoe Financial LP lifted its holdings in shares of Cenovus Energy by 20.0% in the 3rd quarter. Canoe Financial LP now owns 1,406,395 shares of the oil and gas company’s stock valued at $29,282,000 after buying an additional 234,500 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Cenovus Energy by 315.6% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 187,000 shares of the oil and gas company’s stock valued at $3,893,000 after purchasing an additional 142,000 shares in the last quarter. Panview Asian Equity Master Fund purchased a new position in shares of Cenovus Energy in the 3rd quarter valued at about $6,558,000. Duality Advisers LP purchased a new position in shares of Cenovus Energy in the 3rd quarter valued at about $1,515,000. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Cenovus Energy by 5.8% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 11,947 shares of the oil and gas company’s stock worth $249,000 after buying an additional 654 shares in the last quarter. Institutional investors and hedge funds own 50.01% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have commented on CVE shares. UBS Group upgraded Cenovus Energy from a “neutral” rating to a “buy” rating in a research note on Friday. StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Thursday, November 30th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $28.00 target price on shares of Cenovus Energy in a report on Friday, January 26th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average price target of $25.00.
Cenovus Energy Trading Up 0.1 %
Shares of Cenovus Energy stock opened at $17.62 on Friday. The stock has a market cap of $32.98 billion, a P/E ratio of 11.15 and a beta of 2.16. The stock’s 50 day simple moving average is $16.31 and its 200-day simple moving average is $18.14. Cenovus Energy Inc. has a 1-year low of $14.69 and a 1-year high of $21.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.56 and a quick ratio of 0.91.
Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last released its quarterly earnings data on Thursday, February 15th. The oil and gas company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. The firm had revenue of $9.65 billion for the quarter, compared to analysts’ expectations of $9.73 billion. During the same period in the prior year, the firm posted $0.29 earnings per share. Analysts predict that Cenovus Energy Inc. will post 1.88 EPS for the current fiscal year.
Cenovus Energy Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Friday, March 15th will be issued a $0.1033 dividend. The ex-dividend date is Thursday, March 14th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.10. This represents a $0.41 dividend on an annualized basis and a yield of 2.35%. Cenovus Energy’s dividend payout ratio is currently 25.95%.
Cenovus Energy Company Profile
Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil and natural gas in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, and U.S. Manufacturing segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan.
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Source: americanbankingnews.com
