Guinness Asset Management LTD cut its position in shares of Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 13.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 582,046 shares of the oil and gas company's stock after selling 87,791 shares during the period. Guinness Asset Management LTD's holdings in Cenovus Energy were worth $8,771,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the company. Truvestments Capital LLC purchased a new stake in shares of Cenovus Energy during the 3rd quarter worth approximately $25,000. Blue Trust Inc. lifted its position in Cenovus Energy by 640.3% during the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company's stock valued at $51,000 after purchasing an additional 2,651 shares during the last quarter. SevenBridge Financial Group LLC purchased a new position in shares of Cenovus Energy in the 3rd quarter worth $162,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company's stock worth $170,000 after buying an additional 643 shares during the last quarter. Finally, Empirical Asset Management LLC purchased a new stake in shares of Cenovus Energy during the 4th quarter valued at about $174,000. Hedge funds and other institutional investors own 51.19% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts recently commented on CVE shares. BMO Capital Markets dropped their price target on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating for the company in a research report on Friday, November 1st. TD Securities downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 1st. StockNews.com downgraded Cenovus Energy from a "buy" rating to a "hold" rating in a research report on Saturday, December 28th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $28.00 price objective on shares of Cenovus Energy in a research report on Monday, January 6th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $30.00.
Check Out Our Latest Research Report on CVE
Cenovus Energy Stock Up 1.4 %
Shares of NYSE CVE traded up $0.22 during midday trading on Monday, reaching $15.06. 8,954,753 shares of the company's stock traded hands, compared to its average volume of 6,404,883. The company has a market cap of $27.48 billion, a price-to-earnings ratio of 10.38 and a beta of 2.01. The stock's 50 day simple moving average is $15.32 and its 200-day simple moving average is $17.07. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc. has a one year low of $14.20 and a one year high of $21.90.
Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. During the same period in the previous year, the company posted $0.72 EPS. The business's revenue for the quarter was down 17.9% compared to the same quarter last year. On average, analysts predict that Cenovus Energy Inc. will post 1.45 EPS for the current fiscal year.
Cenovus Energy Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a $0.133 dividend. This represents a $0.53 annualized dividend and a yield of 3.53%. This is an increase from Cenovus Energy's previous quarterly dividend of $0.13. The ex-dividend date was Friday, December 13th. Cenovus Energy's dividend payout ratio (DPR) is 35.17%.
About Cenovus Energy
(
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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