Mufg Securities Canada LTD. Sells 98,310 Shares of Cenovus Energy Inc $CVE

Key Points

• MUFG Securities Canada reduced its Cenovus Energy stake by 4.9%, selling 98,310 shares and retaining 1.91 million shares valued at approximately $47.3 million. Institutional investors own 51.19% of the company.
• Analyst sentiment remains positive: Cenovus has an average “Moderate Buy” rating, with one Strong Buy, 13 Buy, and two Hold ratings; RBC also raised its price target to $51.
• Cenovus reported 47.9% year-over-year revenue growth in its latest quarter, with $1.11 EPS and $14.59 billion in revenue. The company declared a quarterly dividend of $0.22 per share, equivalent to a 2.7% annualized yield.

Mufg Securities Canada LTD. decreased its holdings in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 4.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,909,564 shares of the oil and gas company's stock after selling 98,310 shares during the quarter. Cenovus Energy makes up 1.3% of Mufg Securities Canada LTD.'s investment portfolio, making the stock its 24th biggest holding. Mufg Securities Canada LTD. owned approximately 0.10% of Cenovus Energy worth $47,305,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Orion Capital Management LLC acquired a new stake in shares of Cenovus Energy in the second quarter valued at about $25,000. Gables Capital Management Inc. bought a new stake in Cenovus Energy in the second quarter valued at approximately $35,000. Transamerica Financial Advisors LLC increased its position in Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 1,433 shares during the period. Kestra Advisory Services LLC bought a new position in Cenovus Energy during the 4th quarter worth approximately $38,000. Finally, Allworth Financial LP acquired a new stake in shares of Cenovus Energy during the second quarter worth $68,000. 51.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Royal Bank Of Canada boosted their target price on shares of Cenovus Energy from $47.00 to $51.00 and gave the company an "outperform" rating in a report on Thursday, July 30th. Scotiabank restated an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Desjardins upgraded Cenovus Energy to a "moderate buy" rating in a report on Thursday, July 16th. Zacks Research cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 16th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Cenovus Energy in a research note on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Cenovus Energy has an average rating of "Moderate Buy" and an average target price of $36.25.

Cenovus Energy Stock Up 1.9%

Shares of NYSE:CVE opened at $32.17 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The company has a market capitalization of $59.50 billion, a PE ratio of 12.37 and a beta of 0.34. Cenovus Energy Inc has a 1 year low of $15.63 and a 1 year high of $33.40. The business has a fifty day moving average price of $28.53 and a two-hundred day moving average price of $26.98.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.11. The company had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. Cenovus Energy's quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. Analysts forecast that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy's dividend payout ratio is currently 24.62%.

Cenovus Energy Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

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