PNC Financial Services Group Inc. Has $1.29 Million Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)

PNC Financial Services Group Inc. boosted its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 1.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 76,940 shares of the oil and gas company’s stock after purchasing an additional 1,209 shares during the period. PNC Financial Services Group Inc.’s holdings in Cenovus Energy were worth $1,287,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Boston Partners raised its position in shares of Cenovus Energy by 29.0% in the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after acquiring an additional 8,438,979 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Cenovus Energy by 22,396.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 7,429,036 shares of the oil and gas company’s stock valued at $146,054,000 after acquiring an additional 7,396,013 shares in the last quarter. 1832 Asset Management L.P. lifted its holdings in shares of Cenovus Energy by 81.1% in the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock valued at $246,507,000 after purchasing an additional 5,613,320 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Cenovus Energy by 32,791.8% during the 2nd quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company’s stock worth $87,246,000 after acquiring an additional 4,426,891 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its position in Cenovus Energy by 2,236.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 4,610,779 shares of the oil and gas company’s stock worth $90,608,000 after purchasing an additional 4,413,405 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

CVE has been the subject of several research analyst reports. BMO Capital Markets decreased their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Finally, StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $15.71 on Thursday. The stock has a market cap of $28.69 billion, a price-to-earnings ratio of 10.83 and a beta of 2.05. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The firm’s 50-day moving average is $16.69 and its 200 day moving average is $18.27.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.34 by $0.08. The firm had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The company’s revenue was down 17.9% on a year-over-year basis. During the same period last year, the firm earned $0.72 EPS. Sell-side analysts anticipate that Cenovus Energy Inc. will post 1.5 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.133 per share. The ex-dividend date is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 dividend on an annualized basis and a yield of 3.39%. Cenovus Energy’s payout ratio is 36.55%.

About Cenovus Energy

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.