Bank of Stockton Boosts Stock Position in Cenovus Energy Inc (NYSE:CVE)

Bank of Stockton lifted its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 16.0% in the first quarter, HoldingsChannel reports. The fund owned 17,165 shares of the oil and gas company’s stock after acquiring an additional 2,369 shares during the period. Bank of Stockton’s holdings in Cenovus Energy were worth $239,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its holdings in Cenovus Energy by 104.9% during the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 851 shares in the last quarter. Bruce G. Allen Investments LLC bought a new stake in shares of Cenovus Energy during the 1st quarter valued at $38,000. Natixis purchased a new position in shares of Cenovus Energy during the 4th quarter valued at $98,000. Clarius Group LLC bought a new position in Cenovus Energy in the 1st quarter worth $150,000. Finally, Black Maple Capital Management LP bought a new stake in Cenovus Energy during the fourth quarter valued at about $167,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CVE. National Bankshares reaffirmed a “sector perform” rating on shares of Cenovus Energy in a research note on Friday, April 25th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Royal Bank Of Canada reissued an “outperform” rating and issued a $25.00 target price on shares of Cenovus Energy in a report on Friday, April 11th. Veritas downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 14th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.75.

Cenovus Energy Trading Down 0.5%

Shares of NYSE CVE opened at $13.64 on Thursday. The business has a fifty day moving average price of $13.23 and a 200 day moving average price of $13.83. The stock has a market capitalization of $24.68 billion, a P/E ratio of 12.75 and a beta of 0.94. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.46 and a quick ratio of 0.84. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $20.76.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.03. The business had revenue of $11.15 billion for the quarter, compared to the consensus estimate of $12.39 billion. Cenovus Energy had a return on equity of 9.56% and a net margin of 5.22%. During the same quarter in the previous year, the business earned $0.62 EPS. Equities research analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a $0.20 dividend. This is an increase from Cenovus Energy’s previous dividend of $0.11. This represents a dividend yield of 4.25%. The ex-dividend date is Friday, June 13th. Cenovus Energy’s dividend payout ratio is 54.21%.

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.