Truist Financial Corp Acquires 12,084 Shares of Cenovus Energy Inc $CVE

Truist Financial Corp increased its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 25.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 59,888 shares of the oil and gas company’s stock after purchasing an additional 12,084 shares during the quarter. Truist Financial Corp’s holdings in Cenovus Energy were worth $814,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC bought a new position in Cenovus Energy during the 2nd quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd bought a new position in Cenovus Energy during the 1st quarter worth approximately $42,000. Cromwell Holdings LLC raised its holdings in Cenovus Energy by 1,165.1% during the 1st quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 2,808 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Cenovus Energy by 190.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 5,988 shares of the oil and gas company’s stock worth $81,000 after purchasing an additional 3,924 shares during the last quarter. Finally, Clarius Group LLC bought a new position in Cenovus Energy during the 1st quarter worth approximately $150,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

NYSE CVE opened at $17.44 on Tuesday. The company has a fifty day simple moving average of $16.49 and a 200 day simple moving average of $14.47. Cenovus Energy Inc has a 12-month low of $10.23 and a 12-month high of $18.60. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. The company has a market cap of $31.16 billion, a P/E ratio of 17.26 and a beta of 0.92.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.19. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The business had revenue of $10.66 billion during the quarter, compared to the consensus estimate of $10.64 billion. During the same quarter last year, the firm posted $0.62 EPS. Cenovus Energy’s revenue was down 12.6% compared to the same quarter last year. Sell-side analysts predict that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were given a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.80 annualized dividend and a yield of 4.6%. Cenovus Energy’s dividend payout ratio (DPR) is presently 57.43%.

Analyst Ratings Changes

Several research analysts have issued reports on CVE shares. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. UBS Group restated a “buy” rating on shares of Cenovus Energy in a report on Monday, August 25th. Raymond James Financial upgraded shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a report on Thursday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Cenovus Energy in a research note on Wednesday, October 8th. Finally, TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a research note on Tuesday, September 30th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $23.33.

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.