OLD National Bancorp IN Has $437,000 Stake in Cenovus Energy Inc. (NYSE:CVE)

OLD National Bancorp IN trimmed its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 9.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 26,111 shares of the oil and gas company’s stock after selling 2,795 shares during the period. OLD National Bancorp IN’s holdings in Cenovus Energy were worth $437,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Atria Investments Inc acquired a new position in Cenovus Energy during the first quarter valued at $1,482,000. Manning & Napier Advisors LLC purchased a new position in Cenovus Energy during the 2nd quarter valued at about $2,946,000. M&G Plc increased its holdings in shares of Cenovus Energy by 2.4% in the 2nd quarter. M&G Plc now owns 3,496,370 shares of the oil and gas company’s stock valued at $69,013,000 after purchasing an additional 82,840 shares during the period. SkyView Investment Advisors LLC purchased a new stake in shares of Cenovus Energy in the first quarter worth approximately $733,000. Finally, Clearbridge Investments LLC boosted its holdings in shares of Cenovus Energy by 21.6% during the first quarter. Clearbridge Investments LLC now owns 2,510,946 shares of the oil and gas company’s stock worth $50,268,000 after purchasing an additional 445,826 shares during the period. 51.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. BMO Capital Markets cut their price objective on Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Scotiabank reduced their price objective on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Finally, TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Cenovus Energy currently has a consensus rating of “Moderate Buy” and an average price target of $30.75.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $16.97 on Wednesday. The stock has a market capitalization of $31.55 billion, a P/E ratio of 9.43 and a beta of 2.04. The business has a 50-day moving average of $17.68 and a two-hundred day moving average of $19.14. Cenovus Energy Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.00.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.13). Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. The company had revenue of $10.88 billion during the quarter, compared to analyst estimates of $9.78 billion. On average, equities research analysts predict that Cenovus Energy Inc. will post 1.84 EPS for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a $0.132 dividend. This represents a $0.53 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend was Friday, September 13th. Cenovus Energy’s dividend payout ratio (DPR) is currently 29.44%.

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.