J. Safra Sarasin Holding AG Boosts Stock Holdings in Cenovus Energy Inc $CVE

J. Safra Sarasin Holding AG increased its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 430.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 144,921 shares of the oil and gas company’s stock after acquiring an additional 117,605 shares during the quarter. J. Safra Sarasin Holding AG’s holdings in Cenovus Energy were worth $3,831,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CVE. Financial Management Professionals Inc. acquired a new stake in shares of Cenovus Energy in the 4th quarter valued at about $25,000. Transamerica Financial Advisors LLC lifted its position in Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,433 shares during the period. NBC Securities Inc. lifted its holdings in shares of Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 1,500 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Cenovus Energy during the 4th quarter worth $38,000. Finally, Advisory Services Network LLC acquired a new position in Cenovus Energy during the third quarter worth about $50,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Stock Performance

NYSE:CVE opened at $27.61 on Tuesday. The firm’s 50-day moving average is $27.68 and its 200-day moving average is $24.10. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The company has a market cap of $51.37 billion, a price-to-earnings ratio of 15.17 and a beta of 0.34. Cenovus Energy Inc has a 52-week low of $13.90 and a 52-week high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. The business had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.Cenovus Energy’s revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the company earned $0.47 EPS. Equities research analysts anticipate that Cenovus Energy Inc will post 3.02 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.22 dividend. The ex-dividend date of this dividend was Monday, June 15th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 3.2%. Cenovus Energy’s payout ratio is 35.16%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Royal Bank Of Canada increased their price objective on Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a report on Friday, June 26th. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 7th. Finally, Lake Street Capital set a $36.00 price target on Cenovus Energy in a research note on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $35.25.

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.