OLD National Bancorp IN Cuts Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)

OLD National Bancorp IN trimmed its stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 2.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,698 shares of the oil and gas company’s stock after selling 1,010 shares during the period. OLD National Bancorp IN’s holdings in Cenovus Energy were worth $561,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. CWM LLC grew its stake in Cenovus Energy by 19.2% during the third quarter. CWM LLC now owns 3,336 shares of the oil and gas company’s stock valued at $69,000 after acquiring an additional 537 shares in the last quarter. Private Advisor Group LLC lifted its position in Cenovus Energy by 2.7% during the third quarter. Private Advisor Group LLC now owns 22,453 shares of the oil and gas company’s stock valued at $467,000 after purchasing an additional 598 shares during the last quarter. Schechter Investment Advisors LLC lifted its position in Cenovus Energy by 1.6% during the third quarter. Schechter Investment Advisors LLC now owns 39,350 shares of the oil and gas company’s stock valued at $819,000 after purchasing an additional 611 shares during the last quarter. Lorne Steinberg Wealth Management Inc. lifted its position in Cenovus Energy by 1.1% during the third quarter. Lorne Steinberg Wealth Management Inc. now owns 57,715 shares of the oil and gas company’s stock valued at $1,205,000 after purchasing an additional 630 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its position in Cenovus Energy by 5.8% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 11,947 shares of the oil and gas company’s stock valued at $249,000 after purchasing an additional 654 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $21.23 on Thursday. Cenovus Energy Inc. has a 12-month low of $14.69 and a 12-month high of $21.90. The firm has a 50-day moving average price of $19.16 and a 200-day moving average price of $18.02. The firm has a market capitalization of $39.60 billion, a PE ratio of 13.44 and a beta of 2.15. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. Cenovus Energy had a net margin of 7.88% and a return on equity of 14.85%. The company had revenue of $9.65 billion during the quarter, compared to analyst estimates of $9.73 billion. During the same quarter last year, the business posted $0.29 EPS. As a group, equities research analysts forecast that Cenovus Energy Inc. will post 1.88 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.1033 per share. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.41 dividend on an annualized basis and a yield of 1.95%. Cenovus Energy’s dividend payout ratio (DPR) is presently 25.95%.

Wall Street Analyst Weigh In

Several research firms have commented on CVE. Morgan Stanley increased their price objective on shares of Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. StockNews.com upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a report on Thursday, April 11th. UBS Group upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating in a report on Friday, February 23rd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $28.00 target price on shares of Cenovus Energy in a report on Friday, January 26th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cenovus Energy has an average rating of “Buy” and a consensus price target of $26.67.

Cenovus Energy 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.