BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Holdings in Cenovus Energy Inc. (NYSE:CVE)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 77.3% in the third quarter, HoldingsChannel.com reports. The firm owned 417,999 shares of the oil and gas company’s stock after selling 1,427,369 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Cenovus Energy were worth $6,990,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Smead Capital Management Inc. boosted its position in shares of Cenovus Energy by 39.3% during the third quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock worth $257,831,000 after buying an additional 4,351,960 shares during the period. 1832 Asset Management L.P. grew its position in Cenovus Energy by 81.1% in the 2nd 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 acquiring an additional 5,613,320 shares in the last quarter. Mackenzie Financial Corp increased its stake in Cenovus Energy by 5.3% during the second quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock worth $219,897,000 after purchasing an additional 562,663 shares during the period. Ninepoint Partners LP lifted its position in shares of Cenovus Energy by 19.0% during the second quarter. Ninepoint Partners LP now owns 7,500,000 shares of the oil and gas company’s stock worth $147,450,000 after purchasing an additional 1,200,000 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Cenovus Energy by 22,396.6% in the second 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 purchasing an additional 7,396,013 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analysts Set New Price Targets

CVE has been the subject of several recent research reports. StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, November 26th. TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Finally, BMO Capital Markets cut their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Stock Up 0.4 %

Shares of NYSE CVE opened at $15.77 on Monday. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90. The company has a market capitalization of $28.80 billion, a price-to-earnings ratio of 10.88 and a beta of 2.05. 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 business has a 50-day moving average of $16.62 and a two-hundred day moving average of $18.19.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. The firm had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.72 earnings per share. On average, analysts forecast that Cenovus Energy Inc. will post 1.48 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.133 per share. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s dividend payout ratio (DPR) is currently 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.