PNC Financial Services Group Inc. Sells 1,161 Shares of Cenovus Energy Inc (NYSE:CVE)

PNC Financial Services Group Inc. lessened its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 1.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 73,504 shares of the oil and gas company’s stock after selling 1,161 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cenovus Energy were worth $1,022,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CVE. Bruce G. Allen Investments LLC bought a new stake in Cenovus Energy in the first quarter valued at about $38,000. Cromwell Holdings LLC increased its holdings in shares of Cenovus Energy by 1,165.1% in the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company’s stock worth $42,000 after acquiring an additional 2,808 shares in the last quarter. Natixis bought a new stake in shares of Cenovus Energy in the fourth quarter worth about $98,000. Clarius Group LLC bought a new stake in shares of Cenovus Energy in the first quarter worth about $150,000. Finally, SeaBridge Investment Advisors LLC increased its holdings in shares of Cenovus Energy by 10.0% in the first quarter. SeaBridge Investment Advisors LLC now owns 11,000 shares of the oil and gas company’s stock worth $153,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Up 1.2%

NYSE:CVE opened at $14.88 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32. The company has a market cap of $26.87 billion, a PE ratio of 14.73 and a beta of 0.97. Cenovus Energy Inc has a 52-week low of $10.23 and a 52-week high of $20.03. The stock has a 50-day simple moving average of $14.29 and a 200 day simple moving average of $13.68.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.14 by $0.19. The firm had revenue of $10.66 billion during the quarter, compared to analysts’ expectations of $10.64 billion. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%. The business’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.62 earnings per share. On average, sell-side analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a $0.20 dividend. This is a positive change from Cenovus Energy’s previous dividend of $0.11. This represents a yield of 425.0%. The ex-dividend date was Friday, June 13th. Cenovus Energy’s dividend payout ratio is 57.43%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Wall Street Zen upgraded Cenovus Energy from a “sell” rating to a “hold” rating in a report on Sunday, August 3rd. Veritas downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 14th. The Goldman Sachs Group lowered their price target on Cenovus Energy from $18.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. National Bankshares reiterated a “sector perform” rating on shares of Cenovus Energy in a report on Friday, April 25th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Five analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average price target of $23.33.

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.