Bank of Stockton Invests $216,000 in Cenovus Energy Inc. (NYSE:CVE)

by · The Markets Daily

Bank of Stockton purchased a new position in shares of Cenovus Energy Inc. (NYSE:CVE – Free Report) (TSE:CVE) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,894 shares of the oil and gas company’s stock, valued at approximately $216,000.

Other hedge funds have also recently added to or reduced their stakes in the company. SVB Wealth LLC raised its stake in Cenovus Energy by 2.6% during the first quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock worth $394,000 after acquiring an additional 507 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 643 shares during the last quarter. Cetera Advisors LLC boosted its position in Cenovus Energy by 5.2% in the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after buying an additional 801 shares in the last quarter. Gold Investment Management Ltd. grew its stake in shares of Cenovus Energy by 4.6% during the first quarter. Gold Investment Management Ltd. now owns 18,881 shares of the oil and gas company’s stock worth $378,000 after buying an additional 833 shares during the last quarter. Finally, Wolff Wiese Magana LLC increased its holdings in shares of Cenovus Energy by 71.4% during the first quarter. Wolff Wiese Magana LLC now owns 2,400 shares of the oil and gas company’s stock worth $48,000 after buying an additional 1,000 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CVE shares. TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. BMO Capital Markets reduced their price target on Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Finally, Scotiabank cut their target price on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Cenovus Energy has a consensus rating of “Moderate Buy” and an average price target of $30.75.

Get Our Latest Stock Report on Cenovus Energy

Cenovus Energy Stock Up 0.9 %

CVE traded up $0.15 during trading on Friday, hitting $16.89. 1,009,197 shares of the company’s stock were exchanged, compared to its average volume of 8,853,034. Cenovus Energy Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The stock has a market cap of $31.40 billion, a P/E ratio of 9.30 and a beta of 2.04. The business’s 50 day moving average is $17.52 and its two-hundred day moving average is $19.08. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last issued its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). The business had revenue of $10.88 billion for the quarter, compared to the consensus estimate of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. As a group, equities analysts expect that Cenovus Energy Inc. will post 1.84 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend was Friday, September 13th. Cenovus Energy’s payout ratio is 29.44%.

Cenovus Energy Company Profile

(Free Report)

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.

See Also

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