Hsbc Holdings PLC Boosts Stake in Cenovus Energy Inc. (NYSE:CVE)

Hsbc Holdings PLC increased its position in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 26.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 678,392 shares of the oil and gas company's stock after purchasing an additional 141,659 shares during the quarter. Hsbc Holdings PLC's holdings in Cenovus Energy were worth $10,278,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC grew its holdings in Cenovus Energy by 104.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 851 shares during the period. Sierra Ocean LLC purchased a new stake in shares of Cenovus Energy in the 4th quarter worth approximately $67,000. Blue Trust Inc. increased its position in Cenovus Energy by 54.7% during the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company's stock valued at $72,000 after buying an additional 1,677 shares in the last quarter. Natixis purchased a new position in Cenovus Energy during the fourth quarter valued at $98,000. Finally, Empirical Asset Management LLC bought a new stake in Cenovus Energy in the fourth quarter worth $174,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Stock Performance

Shares of NYSE:CVE opened at $12.07 on Monday. The firm has a fifty day simple moving average of $12.95 and a two-hundred day simple moving average of $14.64. 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 stock has a market capitalization of $22.00 billion, a P/E ratio of 9.98 and a beta of 1.46. Cenovus Energy Inc. has a 52 week low of $10.23 and a 52 week high of $21.58.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.27). Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $11.08 billion. On average, analysts expect that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.1269 per share. The ex-dividend date was Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a yield of 4.20%. Cenovus Energy's payout ratio is 40.50%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. Royal Bank of Canada reissued an "outperform" rating and set a $25.00 price target on shares of Cenovus Energy in a research report on Friday, April 11th. National Bankshares reaffirmed a "sector perform" rating on shares of Cenovus Energy in a research report on Friday. National Bank Financial lowered Cenovus Energy from an "outperform" rating to a "sector perform" rating in a report on Friday, February 21st. Finally, Scotiabank raised Cenovus Energy to a "strong-buy" rating in a report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cenovus Energy currently has an average rating of "Moderate Buy" and an average price target of $29.00.

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.

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