Cenovus Energy Inc. (NYSE:CVE) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 1.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 76,940 shares of the oil and gas company’s stock after purchasing an additional 1,209 shares during the period. PNC Financial Services Group Inc.’s holdings in Cenovus Energy were worth $1,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. increased its position in Cenovus Energy by 640.3% in the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 2,651 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Cenovus Energy by 8.0% in the second 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 period. Everpar Advisors LLC purchased a new position in Cenovus Energy in the 2nd quarter valued at about $211,000. Envestnet Portfolio Solutions Inc. lifted its position in shares of Cenovus Energy by 12.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company’s stock worth $226,000 after purchasing an additional 1,229 shares during the last quarter. Finally, Keystone Wealth Services LLC acquired a new position in shares of Cenovus Energy in the 2nd quarter valued at about $236,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the company. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a report on Tuesday. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Finally, BMO Capital Markets cut their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Stock Up 1.5 %

Shares of CVE opened at $15.71 on Thursday. The stock has a 50 day simple moving average of $16.69 and a two-hundred day simple moving average of $18.27. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90. The firm has a market cap of $28.69 billion, a P/E ratio of 10.83 and a beta of 2.05. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $10.25 billion. During the same period in the prior year, the firm earned $0.72 earnings per share. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. On average, analysts forecast that Cenovus Energy Inc. will post 1.5 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.133 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 annualized dividend and a yield of 3.39%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is currently 36.55%.

About Cenovus Energy

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.