PNC Financial Services Group Inc. Buys 1,059 Shares of Cenovus Energy Inc. (CVE)
PNC Financial Services Group Inc. increased its stake in shares of Cenovus Energy Inc. (NYSE:CVE) by 13.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 9,147 shares of the company’s stock after buying an additional 1,059 shares during the period. PNC Financial Services Group Inc.’s holdings in Cenovus Energy were worth $128,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Quantitative Investment Management LLC acquired a new position in shares of Cenovus Energy during the second quarter valued at $152,000. M&T Bank Corp raised its position in shares of Cenovus Energy by 4.8% in the first quarter. M&T Bank Corp now owns 12,881 shares of the company’s stock valued at $168,000 after buying an additional 589 shares during the last quarter. Commonwealth Equity Services Inc raised its position in shares of Cenovus Energy by 35.4% in the second quarter. Commonwealth Equity Services Inc now owns 13,563 shares of the company’s stock valued at $187,000 after buying an additional 3,547 shares during the last quarter. Cumberland Partners Ltd raised its position in shares of Cenovus Energy by 4.4% in the second quarter. Cumberland Partners Ltd now owns 16,500 shares of the company’s stock valued at $227,000 after buying an additional 700 shares during the last quarter. Finally, Seven Eight Capital LLC acquired a new position in shares of Cenovus Energy during the first quarter valued at $261,000. 67.80% of the stock is owned by hedge funds and other institutional investors.
Cenovus Energy Inc. (NYSE:CVE) traded up 2.89% during trading on Monday, hitting $15.33. The company had a trading volume of 369,270 shares. The company’s 50 day moving average price is $14.36 and its 200-day moving average price is $14.32. Cenovus Energy Inc. has a 12 month low of $9.10 and a 12 month high of $16.90. The company has a market cap of $12.77 billion, a PE ratio of 21.74 and a beta of 0.81.
Cenovus Energy (NYSE:CVE) last posted its quarterly earnings data on Thursday, July 28th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.09. Cenovus Energy had a net margin of 6.97% and a negative return on equity of 7.35%. During the same period in the previous year, the firm earned $0.18 earnings per share. Equities analysts expect that Cenovus Energy Inc. will post ($0.59) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were issued a $0.0378 dividend. This represents a $0.15 annualized dividend and a dividend yield of 1.02%. The ex-dividend date was Tuesday, September 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 20.83%.
Several brokerages recently weighed in on CVE. Royal Bank Of Canada reiterated an “outperform” rating and issued a $23.00 price objective on shares of Cenovus Energy in a research report on Tuesday, June 21st. Zacks Investment Research upgraded Cenovus Energy from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research report on Tuesday, August 2nd. TD Securities reiterated a “buy” rating and issued a $21.00 price objective on shares of Cenovus Energy in a research report on Sunday, July 31st. Barclays PLC upgraded Cenovus Energy from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $20.00 to $24.00 in a research report on Wednesday, July 13th. Finally, Morgan Stanley upgraded Cenovus Energy from an “equal weight” rating to an “overweight” rating in a research report on Monday, June 13th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $20.00.
About Cenovus Energy
Cenovus Energy Inc is a Canada-based integrated oil company. It is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. The Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.
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