Ninepoint Partners LP Trims Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)

Ninepoint Partners LP reduced its stake in shares of Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 86.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,000,000 shares of the oil and gas company's stock after selling 6,500,000 shares during the period. Cenovus Energy accounts for 2.2% of Ninepoint Partners LP's investment portfolio, making the stock its 9th biggest holding. Ninepoint Partners LP owned 0.05% of Cenovus Energy worth $15,150,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of CVE. Alberta Investment Management Corp increased its position in Cenovus Energy by 10.1% during the fourth quarter. Alberta Investment Management Corp now owns 4,494,400 shares of the oil and gas company's stock worth $68,094,000 after buying an additional 411,000 shares during the last quarter. Amundi raised its stake in Cenovus Energy by 1.7% during the fourth quarter. Amundi now owns 4,678,976 shares of the oil and gas company's stock worth $71,775,000 after acquiring an additional 77,548 shares in the last quarter. Smead Capital Management Inc. boosted its holdings in shares of Cenovus Energy by 39.3% in the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company's stock worth $257,831,000 after acquiring an additional 4,351,960 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new position in Cenovus Energy during the 3rd quarter worth about $11,569,000. Finally, Assenagon Asset Management S.A. boosted its position in Cenovus Energy by 1,289.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 430,781 shares of the oil and gas company's stock valued at $6,526,000 after buying an additional 399,787 shares during the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CVE. Royal Bank of Canada reduced their price target on Cenovus Energy from $26.00 to $25.00 and set an "outperform" rating on the stock in a research report on Friday, February 21st. StockNews.com downgraded 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 note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Cenovus Energy presently has an average rating of "Moderate Buy" and a consensus target price of $29.25.

Cenovus Energy Price Performance

CVE traded up $0.17 during trading on Thursday, hitting $14.06. 10,225,541 shares of the stock traded hands, compared to its average volume of 8,460,789. The business has a 50 day moving average price of $14.40 and a 200 day moving average price of $15.57. The company has a market cap of $25.62 billion, a price-to-earnings ratio of 11.62 and a beta of 1.99. Cenovus Energy Inc. has a twelve month low of $12.08 and a twelve month high of $21.90. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results 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 net margin of 5.82% and a return on equity of 10.73%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $11.08 billion. Equities research analysts forecast that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.1269 per share. The ex-dividend date is Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.61%. Cenovus Energy's dividend payout ratio (DPR) is presently 40.50%.

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.