Cenovus Energy Inc. (NYSE:CVE) Shares Sold by Merewether Investment Management LP

Merewether Investment Management LP decreased its stake in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 4.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,896,198 shares of the oil and gas company's stock after selling 239,600 shares during the period. Cenovus Energy makes up 3.8% of Merewether Investment Management LP's portfolio, making the stock its 9th biggest position. Merewether Investment Management LP owned 0.27% of Cenovus Energy worth $81,913,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Truvestments Capital LLC purchased a new position in Cenovus Energy in the third quarter valued at about $25,000. Blue Trust Inc. raised its stake 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 buying an additional 2,651 shares in the last quarter. SevenBridge Financial Group LLC acquired a new stake in Cenovus Energy during the third quarter valued at approximately $162,000. Northwestern Mutual Wealth Management Co. raised its stake in Cenovus Energy by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company's stock valued at $170,000 after buying an additional 643 shares in the last quarter. Finally, Everpar Advisors LLC acquired a new stake in Cenovus Energy during the second quarter valued at approximately $211,000. Hedge funds and other institutional investors own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

CVE has been the topic of several research reports. TD Securities cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 1st. BMO Capital Markets dropped their price target 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, StockNews.com cut Cenovus Energy from a "buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Cenovus Energy currently has a consensus rating of "Moderate Buy" and an average price target of $30.00.

Cenovus Energy Price Performance

NYSE CVE traded down $0.40 on Wednesday, reaching $15.50. 6,212,204 shares of the stock traded hands, compared to its average volume of 8,846,575. The firm's fifty day simple moving average is $16.56 and its 200 day simple moving average is $18.11. 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 $28.31 billion, a price-to-earnings ratio of 10.69 and a beta of 2.02. Cenovus Energy Inc. has a 12 month low of $14.69 and a 12 month high of $21.90.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.08. The firm 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%. The firm's quarterly revenue was down 17.9% on a year-over-year basis. During the same period last year, the company posted $0.72 EPS. As a group, research analysts predict that Cenovus Energy Inc. will post 1.48 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.133 per share. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a dividend yield of 3.43%. Cenovus Energy's dividend payout ratio (DPR) is currently 36.55%.

Cenovus Energy Company 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.