Connor Clark & Lunn Investment Management Ltd. Sells 6,947,779 Shares of Cenovus Energy Inc. (NYSE:CVE)

Connor Clark & Lunn Investment Management Ltd. lowered its holdings in shares of Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 53.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,030,225 shares of the oil and gas company's stock after selling 6,947,779 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.33% of Cenovus Energy worth $100,845,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Capital International Investors increased its position in Cenovus Energy by 216.3% during the 1st quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company's stock valued at $678,250,000 after purchasing an additional 23,202,018 shares during the period. Boston Partners increased its position in shares of Cenovus Energy by 29.0% during the first quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company's stock worth $750,435,000 after purchasing an additional 8,438,979 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Cenovus Energy by 22,396.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 7,429,036 shares of the oil and gas company's stock worth $146,054,000 after purchasing an additional 7,396,013 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in shares of Cenovus Energy by 81.1% during the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company's stock worth $246,507,000 after buying an additional 5,613,320 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of Cenovus Energy by 32,791.8% during the second quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company's stock valued at $87,246,000 after acquiring an additional 4,426,891 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. StockNews.com raised shares of Cenovus Energy from a "hold" rating to a "buy" rating in a research report on Monday. BMO Capital Markets dropped their price objective on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating for the company in a report on Friday, November 1st. Finally, TD Securities downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 1st. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Cenovus Energy currently has an average rating of "Moderate Buy" and an average target price of $30.00.

Cenovus Energy Stock Performance

Shares of CVE traded up $0.11 during mid-day trading on Wednesday, reaching $16.16. 7,262,382 shares of the company's stock were exchanged, compared to its average volume of 8,851,814. The business's fifty day simple moving average is $16.73 and its 200-day simple moving average is $18.43. The stock has a market capitalization of $29.52 billion, a PE ratio of 11.07 and a beta of 2.05. 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 Inc. has a 52-week low of $14.69 and a 52-week 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. The business had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The company's quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.72 earnings per share. On average, equities research analysts expect that Cenovus Energy Inc. will post 1.5 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.133 per share. This represents a $0.53 annualized dividend and a yield of 3.29%. The ex-dividend date is Friday, December 13th. This is an increase from Cenovus Energy's previous quarterly dividend of $0.13. Cenovus Energy's dividend payout ratio (DPR) is presently 36.55%.

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.