Camden National Bank Purchases New Holdings in Cenovus Energy Inc. (NYSE:CVE)

Camden National Bank acquired a new position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 12,896 shares of the oil and gas company’s stock, valued at approximately $216,000.

A number of other institutional investors have also recently bought and sold shares of the business. Blue Trust Inc. boosted its holdings in shares of Cenovus Energy by 640.3% in the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after buying an additional 2,651 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after acquiring an additional 643 shares during the last quarter. Everpar Advisors LLC bought a new position in shares of Cenovus Energy during the 2nd quarter valued at approximately $211,000. FCG Investment Co purchased a new stake in shares of Cenovus Energy during the 3rd quarter worth approximately $211,000. Finally, Washington Trust Bank bought a new stake in shares of Cenovus Energy in the 3rd quarter worth approximately $214,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $16.19 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy Inc. has a one year low of $14.69 and a one year high of $21.90. The firm has a market capitalization of $29.57 billion, a P/E ratio of 11.17 and a beta of 2.05. The business has a fifty day moving average price of $16.73 and a 200-day moving average price of $18.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. During the same quarter in the previous year, the firm earned $0.72 EPS. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. As a group, equities research analysts forecast that Cenovus Energy Inc. will post 1.5 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is 36.55%.

Analysts Set New Price Targets

CVE has been the subject of several research reports. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Finally, BMO Capital Markets lowered their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.00.

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.