Fulton Bank N.A. Lowers Stock Position in Cenovus Energy Inc. (NYSE:CVE)

Fulton Bank N.A. lessened its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 10.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,662 shares of the oil and gas company’s stock after selling 2,696 shares during the quarter. Fulton Bank N.A.’s holdings in Cenovus Energy were worth $358,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CVE. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cenovus Energy by 8.0% in the 2nd 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 in the last quarter. Wahed Invest LLC grew its holdings in Cenovus Energy by 5.6% in the third quarter. Wahed Invest LLC now owns 16,489 shares of the oil and gas company’s stock valued at $276,000 after purchasing an additional 875 shares during the period. Harmony Asset Management LLC increased its position in shares of Cenovus Energy by 8.1% in the third quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company’s stock valued at $224,000 after buying an additional 1,000 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Cenovus Energy by 1.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company’s stock valued at $1,287,000 after buying an additional 1,209 shares in the last quarter. Finally, TD Private Client Wealth LLC grew its stake in Cenovus Energy by 3.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 40,194 shares of the oil and gas company’s stock valued at $672,000 after acquiring an additional 1,236 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

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

Cenovus Energy Price Performance

NYSE:CVE opened at $15.43 on Friday. The stock has a 50 day moving average price of $15.44 and a 200 day moving average price of $17.29. The stock has a market cap of $28.16 billion, a PE ratio of 10.64 and a beta of 2.01. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy Inc. has a one year low of $14.20 and a one year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The business had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. During the same quarter last year, the firm earned $0.72 EPS. The business’s revenue was down 17.9% compared to the same quarter last year. Equities research analysts expect that Cenovus Energy Inc. will post 1.48 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were issued a dividend of $0.133 per share. The ex-dividend date was Friday, December 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.45%. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Cenovus Energy 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.