Truist Financial Corp Raises Holdings in Cenovus Energy Inc. (NYSE:CVE)

Truist Financial Corp lifted its holdings in shares of Cenovus Energy Inc. (NYSE:CVEGet Rating) (TSE:CVE) by 50.2% in the third quarter, HoldingsChannel reports. The firm owned 33,535 shares of the oil and gas company’s stock after acquiring an additional 11,206 shares during the period. Truist Financial Corp’s holdings in Cenovus Energy were worth $515,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. GQG Partners LLC acquired a new stake in Cenovus Energy during the second quarter worth approximately $609,445,000. Egerton Capital UK LLP acquired a new stake in Cenovus Energy during the second quarter worth approximately $348,567,000. Wellington Management Group LLP boosted its position in Cenovus Energy by 68.8% during the first quarter. Wellington Management Group LLP now owns 19,871,360 shares of the oil and gas company’s stock worth $331,500,000 after acquiring an additional 8,098,474 shares during the last quarter. Capital World Investors boosted its position in Cenovus Energy by 30.0% during the first quarter. Capital World Investors now owns 28,481,746 shares of the oil and gas company’s stock worth $474,791,000 after acquiring an additional 6,570,038 shares during the last quarter. Finally, Bridgewater Associates LP boosted its position in Cenovus Energy by 253.2% during the second quarter. Bridgewater Associates LP now owns 1,969,127 shares of the oil and gas company’s stock worth $37,384,000 after acquiring an additional 1,411,583 shares during the last quarter. 49.27% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

NYSE:CVE opened at $19.20 on Tuesday. The company has a current ratio of 1.55, a quick ratio of 1.00 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $36.82 billion, a price-to-earnings ratio of 9.55 and a beta of 2.26. The firm’s fifty day simple moving average is $19.15 and its 200 day simple moving average is $18.55. Cenovus Energy Inc. has a twelve month low of $13.01 and a twelve month high of $24.91.

Cenovus Energy (NYSE:CVEGet Rating) (TSE:CVE) last posted its earnings results on Wednesday, November 2nd. The oil and gas company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.16). The business had revenue of $13.39 billion for the quarter, compared to analyst estimates of $10.41 billion. Cenovus Energy had a net margin of 7.66% and a return on equity of 26.94%. As a group, equities research analysts expect that Cenovus Energy Inc. will post 2.67 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently announced a dividend, which was paid on Friday, December 2nd. Investors of record on Friday, November 18th were issued a dividend of $0.114 per share. The ex-dividend date was Thursday, November 17th. Cenovus Energy’s payout ratio is 15.42%.

Wall Street Analyst Weigh In

CVE has been the topic of a number of analyst reports. National Bank Financial raised their target price on shares of Cenovus Energy from C$36.00 to C$39.00 in a research report on Wednesday, January 11th. Credit Suisse Group decreased their price target on shares of Cenovus Energy from C$37.00 to C$35.00 in a report on Monday, November 21st. Royal Bank of Canada lifted their price target on shares of Cenovus Energy from C$31.00 to C$32.00 in a report on Thursday, November 3rd. Raymond James lifted their price target on shares of Cenovus Energy from C$32.00 to C$33.00 in a report on Wednesday, December 7th. Finally, The Goldman Sachs Group lowered shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a $23.00 price target on the stock. in a report on Monday, November 21st.

About Cenovus Energy

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Cenovus Energy, Inc engages in provision of gas and oil. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. The firm operates through four segments: Oil Sands, Conventional, Refining & Marketing, and Corporate & Eliminations.

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Institutional Ownership by Quarter for Cenovus Energy (NYSE:CVE)

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