BNP Paribas Financial Markets raised its stake in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 184.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 568,338 shares of the oil and gas company's stock after purchasing an additional 368,885 shares during the quarter. BNP Paribas Financial Markets' holdings in Cenovus Energy were worth $9,508,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of CVE. Truvestments Capital LLC purchased a new position in Cenovus Energy in the 3rd quarter valued at $25,000. Dynamic Technology Lab Private Ltd boosted its holdings in shares of Cenovus Energy by 8.9% in the third quarter. Dynamic Technology Lab Private Ltd now owns 168,851 shares of the oil and gas company's stock valued at $2,825,000 after acquiring an additional 13,837 shares in the last quarter. SevenBridge Financial Group LLC acquired a new position in shares of Cenovus Energy during the third quarter worth about $162,000. Cerity Partners LLC raised its holdings in Cenovus Energy by 65.9% during the third quarter. Cerity Partners LLC now owns 26,567 shares of the oil and gas company's stock worth $444,000 after purchasing an additional 10,554 shares in the last quarter. Finally, Camden National Bank acquired a new stake in Cenovus Energy in the third quarter valued at about $216,000. Institutional investors and hedge funds own 51.19% of the company's stock.
Cenovus Energy Price Performance
NYSE:CVE traded up $0.21 during mid-day trading on Tuesday, hitting $15.95. 4,885,002 shares of the company's stock traded hands, compared to its average volume of 8,848,827. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90. The company has a market cap of $29.13 billion, a PE ratio of 10.86 and a beta of 2.02. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The firm's 50 day simple moving average is $16.59 and its 200 day simple moving average is $18.14.
Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.08. The firm had revenue of $14.20 billion for the quarter, compared to analyst estimates 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 was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 EPS. Sell-side analysts expect that Cenovus Energy Inc. will post 1.48 EPS for the current 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 paid a $0.133 dividend. This is an increase from Cenovus Energy's previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 annualized dividend and a yield of 3.34%. Cenovus Energy's payout ratio is presently 36.55%.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the company. TD Securities downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 1st. 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. Finally, StockNews.com downgraded Cenovus Energy from a "buy" rating to a "hold" rating in a report on Tuesday, November 26th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $30.00.
Check Out Our Latest Stock Analysis on Cenovus Energy
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.
Further Reading
Before you consider Cenovus Energy, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cenovus Energy wasn't on the list.
While Cenovus Energy currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Options trading isn’t just for the Wall Street elite; it’s an accessible strategy for anyone armed with the proper knowledge. Think of options as a strategic toolkit, with each tool designed for a specific financial task. Keep reading to learn how options trading can help you use the market’s volatility to your advantage.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
