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

Truist Financial Corp lifted its stake in shares of Cenovus Energy Inc. (NYSE:CVEGet Rating) (TSE:CVE) by 50.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,535 shares of the oil and gas company’s stock after acquiring an additional 11,206 shares during the quarter. Truist Financial Corp’s holdings in Cenovus Energy were worth $515,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

Several equities analysts recently commented on CVE shares. StockNews.com started coverage on Cenovus Energy in a report on Wednesday, October 12th. They issued a “buy” rating on the stock. CIBC dropped their target price on Cenovus Energy from C$32.00 to C$31.00 in a report on Tuesday, January 17th. Credit Suisse Group dropped their target price on Cenovus Energy from C$37.00 to C$35.00 in a report on Monday, November 21st. National Bank Financial upped their price objective on shares of Cenovus Energy from C$36.00 to C$39.00 in a research note on Wednesday, January 11th. Finally, Royal Bank of Canada upped their price objective on shares of Cenovus Energy from C$31.00 to C$32.00 in a research note on Thursday, November 3rd.

Cenovus Energy Stock Performance

NYSE CVE opened at $19.20 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.55 and a quick ratio of 1.00. Cenovus Energy Inc. has a 1 year low of $13.01 and a 1 year high of $24.91. The company has a market capitalization of $36.82 billion, a PE ratio of 9.55 and a beta of 2.26. The company has a fifty day moving average of $19.15 and a two-hundred day moving average of $18.55.

Cenovus Energy (NYSE:CVEGet Rating) (TSE:CVE) last announced 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). Cenovus Energy had a return on equity of 26.94% and a net margin of 7.66%. The business had revenue of $13.39 billion for the quarter, compared to analyst estimates of $10.41 billion. As a group, analysts expect that Cenovus Energy Inc. will post 2.67 earnings per share for the current year.

Cenovus Energy Cuts Dividend

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

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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