Addenda Capital Inc. cut its holdings in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 14.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 400,715 shares of the oil and gas company's stock after selling 68,465 shares during the period. Addenda Capital Inc.'s holdings in Cenovus Energy were worth $6,071,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of CVE. Northwestern Mutual Wealth Management Co. grew its position in shares of Cenovus Energy by 8.0% during the 2nd 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 period. Wahed Invest LLC grew its holdings in Cenovus Energy by 5.6% during the third quarter. Wahed Invest LLC now owns 16,489 shares of the oil and gas company's stock valued at $276,000 after purchasing an additional 875 shares during the period. Harmony Asset Management LLC increased its position in Cenovus Energy by 8.1% in the third quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company's stock worth $224,000 after buying an additional 1,000 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Cenovus Energy by 1.6% in the third quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company's stock valued at $1,287,000 after buying an additional 1,209 shares during the period. Finally, TD Private Client Wealth LLC lifted its position in shares of Cenovus Energy by 3.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 40,194 shares of the oil and gas company's stock valued at $672,000 after buying an additional 1,236 shares during the last quarter. 51.19% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on CVE shares. Royal Bank of Canada reiterated an "outperform" rating and issued a $28.00 target price on shares of Cenovus Energy in a research note on Monday, January 6th. StockNews.com lowered shares of Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Saturday, December 28th. BMO Capital Markets dropped their target price on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating on the stock in a research report on Friday, November 1st. Finally, TD Securities cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $30.00.
Read Our Latest Research Report on Cenovus Energy
Cenovus Energy Price Performance
CVE traded down $0.07 during midday trading on Tuesday, hitting $15.00. The stock had a trading volume of 11,212,205 shares, compared to its average volume of 10,045,448. Cenovus Energy Inc. has a 1 year low of $14.20 and a 1 year high of $21.90. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The business has a fifty day moving average of $15.30 and a 200 day moving average of $17.03. The company has a market cap of $27.37 billion, a P/E ratio of 10.34 and a beta of 2.01.
Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released 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. The company had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. Cenovus Energy's revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.72 EPS. As a group, equities analysts forecast that Cenovus Energy Inc. will post 1.41 earnings per share for the current fiscal year.
Cenovus Energy Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued a $0.133 dividend. This represents a $0.53 annualized dividend and a yield of 3.55%. This is an increase from Cenovus Energy's previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, December 13th. Cenovus Energy's payout ratio is 35.17%.
Cenovus Energy Company Profile
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Free Report)
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.
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