Bridgewater Associates LP Lowers Stock Position in Cenovus Energy Inc. (NYSE:CVE)

Bridgewater Associates LP cut its position in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 39.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,231,400 shares of the oil and gas company's stock after selling 798,936 shares during the period. Bridgewater Associates LP owned 0.07% of Cenovus Energy worth $18,657,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVE. Farther Finance Advisors LLC grew its stake in shares of Cenovus Energy by 104.9% during the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 851 shares during the period. Sierra Ocean LLC acquired a new position in Cenovus Energy during the fourth quarter worth $67,000. Blue Trust Inc. boosted its position in 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 valued at $72,000 after purchasing an additional 1,677 shares during the last quarter. Empirical Asset Management LLC acquired a new position in shares of Cenovus Energy during the 4th quarter worth about $174,000. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of Cenovus Energy by 177.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 11,991 shares of the oil and gas company's stock worth $184,000 after acquiring an additional 7,669 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CVE has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed an "outperform" rating and set a $25.00 price target on shares of Cenovus Energy in a research report on Friday, April 11th. StockNews.com downgraded shares of Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Saturday, December 28th. Scotiabank raised Cenovus Energy to a "strong-buy" rating in a report on Wednesday, March 19th. Morgan Stanley reiterated an "overweight" rating on shares of Cenovus Energy in a report on Tuesday. Finally, National Bank Financial cut Cenovus Energy from an "outperform" rating to a "sector perform" rating in a report on Friday, February 21st. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Cenovus Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.00.

Cenovus Energy Price Performance

NYSE:CVE traded up $0.46 during trading hours on Friday, hitting $12.12. 9,641,337 shares of the stock traded hands, compared to its average volume of 8,609,923. Cenovus Energy Inc. has a 1 year low of $10.23 and a 1 year high of $21.58. 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 cap of $22.08 billion, a price-to-earnings ratio of 10.01 and a beta of 1.46. The stock has a 50 day moving average price of $13.28 and a 200 day moving average price of $14.88.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The business had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $11.08 billion. Sell-side analysts forecast that Cenovus Energy Inc. will post 1.49 EPS for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.1269 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy's dividend payout ratio (DPR) is presently 40.50%.

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.