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

Fulton Bank N.A. lessened its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 11.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,358 shares of the oil and gas company’s stock after selling 3,341 shares during the period. Fulton Bank N.A.’s holdings in Cenovus Energy were worth $441,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Seven Eight Capital LP purchased a new stake in Cenovus Energy during the fourth quarter valued at about $495,000. Balyasny Asset Management L.P. lifted its position in Cenovus Energy by 1,224.0% in the 4th quarter. Balyasny Asset Management L.P. now owns 4,097,451 shares of the oil and gas company’s stock worth $68,231,000 after buying an additional 3,787,979 shares during the last quarter. Symmetry Investments LP purchased a new stake in Cenovus Energy in the fourth quarter worth approximately $924,000. Bornite Capital Management LP grew its position in Cenovus Energy by 47.6% during the fourth quarter. Bornite Capital Management LP now owns 3,025,100 shares of the oil and gas company’s stock valued at $50,368,000 after acquiring an additional 975,100 shares during the last quarter. Finally, DRW Securities LLC raised its stake in shares of Cenovus Energy by 56.0% during the fourth quarter. DRW Securities LLC now owns 117,000 shares of the oil and gas company’s stock worth $1,948,000 after acquiring an additional 42,000 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. TD Securities lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Scotiabank lowered their target price on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Finally, BMO Capital Markets reduced their price target on Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Cenovus Energy Stock Down 3.7 %

NYSE CVE opened at $17.69 on Wednesday. The business’s 50-day moving average is $17.90 and its 200 day moving average is $19.33. The stock has a market capitalization of $32.88 billion, a PE ratio of 9.83 and a beta of 2.04. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.00. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.13). Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. The company had revenue of $10.88 billion during the quarter, compared to the consensus estimate of $9.78 billion. Sell-side analysts forecast that Cenovus Energy Inc. will post 1.84 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a dividend of $0.132 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 2.99%. Cenovus Energy’s dividend payout ratio (DPR) is 29.44%.

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.