Cenovus Energy Inc. (NYSE:CVE) Shares Purchased by Grove Bank & Trust

Grove Bank & Trust raised its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 9.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,465 shares of the oil and gas company’s stock after acquiring an additional 3,194 shares during the period. Grove Bank & Trust’s holdings in Cenovus Energy were worth $583,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Smead Capital Management Inc. lifted its position in Cenovus Energy by 39.3% during the third quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock worth $257,831,000 after buying an additional 4,351,960 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new position in shares of Cenovus Energy during the 3rd quarter valued at about $11,569,000. Entropy Technologies LP purchased a new stake in shares of Cenovus Energy in the third quarter valued at about $3,472,000. Two Sigma Advisers LP raised its stake in Cenovus Energy by 44.1% during the third quarter. Two Sigma Advisers LP now owns 1,284,600 shares of the oil and gas company’s stock worth $21,491,000 after purchasing an additional 393,100 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Cenovus Energy by 11.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,653,192 shares of the oil and gas company’s stock valued at $61,163,000 after purchasing an additional 369,021 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Trading Up 1.4 %

CVE opened at $15.06 on Monday. Cenovus Energy Inc. has a 52 week low of $14.20 and a 52 week high of $21.90. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The business has a fifty day simple moving average of $15.32 and a 200-day simple moving average of $17.07. The firm has a market cap of $27.48 billion, a P/E ratio of 10.38 and a beta of 2.01.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. The company had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. Cenovus Energy’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same period last year, the business posted $0.72 EPS. On average, equities analysts expect that Cenovus Energy Inc. will post 1.45 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a dividend of $0.133 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a yield of 3.53%. The ex-dividend date was Friday, December 13th. Cenovus Energy’s dividend payout ratio is presently 35.17%.

Analysts Set New Price Targets

CVE has been the subject of a number of recent analyst reports. BMO Capital Markets cut their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $28.00 price objective on shares of Cenovus Energy in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Company Profile

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.