Cenovus Energy Inc. (NYSE:CVE) Shares Sold by Cambiar Investors LLC

Cambiar Investors LLC trimmed its stake in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 2.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,069,155 shares of the oil and gas company's stock after selling 88,618 shares during the period. Cenovus Energy accounts for 2.0% of Cambiar Investors LLC's portfolio, making the stock its 18th largest position. Cambiar Investors LLC owned 0.17% of Cenovus Energy worth $51,347,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. First Trust Direct Indexing L.P. purchased a new stake in shares of Cenovus Energy during the first quarter valued at about $215,000. Principal Financial Group Inc. purchased a new stake in Cenovus Energy during the first quarter valued at approximately $729,000. Capstone Investment Advisors LLC boosted its stake in Cenovus Energy by 179.9% in the first quarter. Capstone Investment Advisors LLC now owns 54,340 shares of the oil and gas company's stock valued at $1,086,000 after acquiring an additional 34,925 shares in the last quarter. Daiwa Securities Group Inc. purchased a new position in Cenovus Energy in the first quarter worth $356,000. Finally, Hartree Partners LP increased its position in shares of Cenovus Energy by 993.0% during the first quarter. Hartree Partners LP now owns 624,651 shares of the oil and gas company's stock worth $12,487,000 after purchasing an additional 567,500 shares in the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

Shares of NYSE:CVE traded down $0.40 during trading on Friday, hitting $15.67. The stock had a trading volume of 8,905,917 shares, compared to its average volume of 8,899,069. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc. has a 12-month low of $14.69 and a 12-month high of $21.90. The stock has a market capitalization of $28.67 billion, a price-to-earnings ratio of 10.81 and a beta of 2.05. The stock has a 50-day simple moving average of $17.20 and a two-hundred day simple moving average of $18.88.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.13). Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. The business had revenue of $10.88 billion for the quarter, compared to analysts' expectations of $9.78 billion. On average, equities research analysts expect that Cenovus Energy Inc. will post 1.67 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm 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 $0.133 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.40%. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.13. Cenovus Energy's dividend payout ratio is presently 36.55%.

Analyst Ratings Changes

Several research analysts recently weighed in on CVE shares. BMO Capital Markets dropped their target price on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating on the stock in a research note on Friday. TD Securities lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 1st. StockNews.com upgraded shares of Cenovus Energy from a "hold" rating to a "buy" rating in a report on Monday, October 28th. Finally, Scotiabank lowered their target price on shares of Cenovus Energy from $35.00 to $34.00 and set a "sector outperform" rating for the company in a research note on Friday, July 12th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.00.

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.