Mufg Securities Canada LTD. Cuts Stock Position in Cenovus Energy Inc $CVE

Mufg Securities Canada LTD. trimmed its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 3.7% in the third quarter, Holdings Channel reports. The firm owned 2,083,387 shares of the oil and gas company’s stock after selling 79,442 shares during the period. Cenovus Energy makes up 1.0% of Mufg Securities Canada LTD.’s portfolio, making the stock its 29th biggest position. Mufg Securities Canada LTD.’s holdings in Cenovus Energy were worth $35,370,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in CVE. Atlantic Union Bankshares Corp acquired a new stake in shares of Cenovus Energy in the second quarter valued at about $27,000. Allworth Financial LP boosted its holdings in Cenovus Energy by 104.3% in the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 1,168 shares during the period. Geneos Wealth Management Inc. grew its position in Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after acquiring an additional 1,384 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Cenovus Energy by 57.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 1,800 shares during the period. Finally, Advisors Asset Management Inc. acquired a new position in shares of Cenovus Energy during the second quarter worth $78,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CVE. Royal Bank Of Canada lifted their price target on shares of Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 18th. Weiss Ratings restated a “hold (c)” rating on shares of Cenovus Energy in a research note on Tuesday, January 27th. Scotiabank upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 20th. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research note on Thursday, November 20th. Finally, Veritas downgraded shares of Cenovus Energy from a “hold” rating to a “strong sell” rating in a research report on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.33.

Cenovus Energy Trading Up 1.1%

Shares of NYSE:CVE opened at $22.31 on Friday. The company has a 50 day moving average of $19.18 and a 200-day moving average of $17.83. The company has a current ratio of 1.57, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35. The firm has a market cap of $41.95 billion, a P/E ratio of 14.58 and a beta of 0.48. Cenovus Energy Inc has a twelve month low of $10.23 and a twelve month high of $23.39.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.08. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $10.89 billion. During the same period in the prior year, the company earned $0.07 EPS. As a group, analysts anticipate that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a $0.20 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. Cenovus Energy’s dividend payout ratio (DPR) is 37.25%.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.