Sumitomo Mitsui Trust Holdings Inc. Buys 8,760 Shares of Cenovus Energy Inc. (NYSE:CVE)

Posted by on Apr 14th, 2023

Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Cenovus Energy Inc. (NYSE:CVE – Get Rating) (TSE:CVE) by 0.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,985,688 shares of the oil and gas company’s stock after buying an additional 8,760 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.21% of Cenovus Energy worth $77,387,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC lifted its position in Cenovus Energy by 27.2% during the 3rd quarter. CWM LLC now owns 2,697 shares of the oil and gas company’s stock worth $41,000 after buying an additional 577 shares in the last quarter. Fiduciary Alliance LLC bought a new stake in Cenovus Energy during the 4th quarter worth about $63,000. Macquarie Group Ltd. bought a new stake in shares of Cenovus Energy in the 2nd quarter valued at about $80,000. Covestor Ltd bought a new stake in shares of Cenovus Energy in the 1st quarter valued at about $88,000. Finally, AE Wealth Management LLC bought a new stake in shares of Cenovus Energy in the 3rd quarter valued at about $160,000. 49.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. StockNews.com assumed coverage on shares of Cenovus Energy in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Scotiabank decreased their price target on shares of Cenovus Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 17th. National Bank Financial upped their price target on shares of Cenovus Energy from C$36.00 to C$39.00 in a research note on Wednesday, January 11th. CIBC decreased their price target on shares of Cenovus Energy from C$32.00 to C$31.00 in a research note on Tuesday, January 17th. Finally, BMO Capital Markets decreased their target price on shares of Cenovus Energy from C$33.00 to C$32.00 in a research report on Friday, February 17th.

Cenovus Energy Stock Performance

Shares of NYSE:CVE opened at $17.85 on Friday. The company’s 50 day moving average price is $18.00 and its two-hundred day moving average price is $18.62. Cenovus Energy Inc. has a 12-month low of $14.44 and a 12-month high of $24.91. The company has a quick ratio of 1.01, a current ratio of 1.55 and a debt-to-equity ratio of 0.32. The firm has a market cap of $34.05 billion, a PE ratio of 7.26 and a beta of 2.23.

Cenovus Energy (NYSE:CVE – Get Rating) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 16th. The oil and gas company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.19). Cenovus Energy had a return on equity of 24.71% and a net margin of 9.44%. The firm had revenue of $10.36 billion for the quarter, compared to the consensus estimate of $9.77 billion. Equities research analysts predict that Cenovus Energy Inc. will post 2.04 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Wednesday, March 15th were paid a $0.079 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Tuesday, March 14th. This represents a $0.32 annualized dividend and a yield of 1.77%. Cenovus Energy’s dividend payout ratio is presently 12.60%.

Cenovus Energy Company Profile

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Cenovus Energy, Inc is a Canadian-based integrated energy company, which engages in the provision of gas and oil. It operates through the following segments: Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Corporate and Eliminations. The Oil Sands segment is involved in the development and production of bitumen and heavy oil in northern Alberta and Saskatchewan.

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Institutional Ownership by Quarter for Cenovus Energy (NYSE:CVE)

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