Grove Bank & Trust Raises Stock Position in Cenovus Energy Inc. (NYSE:CVE)

Grove Bank & Trust lifted its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 9.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,465 shares of the oil and gas company’s stock after acquiring an additional 3,194 shares during the quarter. Grove Bank & Trust’s holdings in Cenovus Energy were worth $583,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Truvestments Capital LLC purchased a new position in Cenovus Energy during the third quarter valued at approximately $25,000. Blue Trust Inc. boosted its position in Cenovus Energy by 640.3% during the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 2,651 shares in the last quarter. SevenBridge Financial Group LLC purchased a new position in shares of Cenovus Energy in the 3rd quarter valued at $162,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after acquiring an additional 643 shares in the last quarter. Finally, Empirical Asset Management LLC purchased a new stake in shares of Cenovus Energy during the 4th quarter worth $174,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Trading Up 1.4 %

NYSE CVE opened at $15.06 on Monday. The stock has a market cap of $27.48 billion, a P/E ratio of 10.38 and a beta of 2.01. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc. has a 12-month low of $14.20 and a 12-month high of $21.90. The company has a fifty day simple moving average of $15.32 and a two-hundred day simple moving average of $17.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.08. The company had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm’s revenue was down 17.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.72 EPS. On average, analysts forecast that Cenovus Energy Inc. will post 1.45 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a $0.133 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.53%. Cenovus Energy’s dividend payout ratio is presently 35.17%.

Wall Street Analysts Forecast Growth

CVE has been the subject of a number of recent research reports. BMO Capital Markets reduced their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. TD Securities lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $28.00 price target on shares of Cenovus Energy in a report on Monday, January 6th. Finally, StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

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.