Wellington Management Group LLP Sells 5,131,906 Shares of Cenovus Energy Inc. (NYSE:CVE)

Wellington Management Group LLP trimmed its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 46.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,982,343 shares of the oil and gas company’s stock after selling 5,131,906 shares during the quarter. Wellington Management Group LLP owned about 0.33% of Cenovus Energy worth $90,637,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Farther Finance Advisors LLC grew its stake in shares of Cenovus Energy by 104.9% in the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 851 shares during the period. Sierra Ocean LLC acquired a new stake in Cenovus Energy in the fourth quarter valued at approximately $67,000. Blue Trust Inc. raised its position in shares of Cenovus Energy by 54.7% during the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock worth $72,000 after purchasing an additional 1,677 shares during the period. Empirical Asset Management LLC bought a new position in shares of Cenovus Energy in the 4th quarter worth $174,000. Finally, CIBC Private Wealth Group LLC grew its position in Cenovus Energy by 177.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 11,991 shares of the oil and gas company’s stock valued at $184,000 after purchasing an additional 7,669 shares during the period. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $11.25 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $20.51 billion, a PE ratio of 9.30 and a beta of 1.46. The stock’s 50 day moving average price is $14.09 and its 200-day moving average price is $15.32. Cenovus Energy Inc. has a twelve month low of $11.11 and a twelve month high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $11.08 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. On average, equities analysts anticipate that Cenovus Energy Inc. will post 1.49 EPS for the current year.

Cenovus Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.1269 dividend. This represents a $0.51 annualized dividend and a yield of 4.51%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy’s dividend payout ratio is 40.50%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of Cenovus Energy in a research note on Wednesday. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research note on Wednesday, March 26th. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Finally, National Bank Financial lowered Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

Cenovus Energy Company 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.