PCJ Investment Counsel Ltd. Sells 68,790 Shares of Cenovus Energy Inc. (NYSE:CVE)

PCJ Investment Counsel Ltd. lessened its stake in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 26.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 187,810 shares of the oil and gas company's stock after selling 68,790 shares during the period. PCJ Investment Counsel Ltd.'s holdings in Cenovus Energy were worth $2,843,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CVE. Truvestments Capital LLC bought a new stake in shares of Cenovus Energy in the 3rd quarter worth approximately $25,000. Sierra Ocean LLC bought a new position in Cenovus Energy during the fourth quarter valued at about $67,000. Blue Trust Inc. grew its stake in shares of Cenovus Energy by 54.7% in the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company's stock worth $72,000 after purchasing an additional 1,677 shares during the last quarter. SevenBridge Financial Group LLC bought a new position in shares of Cenovus Energy in the third quarter valued at $162,000. Finally, Empirical Asset Management LLC acquired a new position in shares of Cenovus Energy in the 4th quarter valued at $174,000. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Stock Down 2.1 %

NYSE CVE traded down $0.27 during trading hours on Monday, reaching $12.47. 11,235,040 shares of the company's stock were exchanged, compared to its average volume of 11,575,479. Cenovus Energy Inc. has a one year low of $12.07 and a one year high of $21.90. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The company's 50-day moving average is $14.72 and its two-hundred day moving average is $15.86. The company has a market capitalization of $22.75 billion, a price-to-earnings ratio of 10.26 and a beta of 1.99.

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Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $11.08 billion. On average, analysts forecast that Cenovus Energy Inc. will post 1.49 EPS 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 given a $0.1269 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 4.07%. Cenovus Energy's payout ratio is 40.50%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CVE. National Bank Financial downgraded Cenovus Energy from an "outperform" rating to a "sector perform" rating in a research note on Friday, February 21st. StockNews.com downgraded Cenovus Energy from a "buy" rating to a "hold" rating in a report on Saturday, December 28th. Finally, Royal Bank of Canada cut their price target on Cenovus Energy from $26.00 to $25.00 and set an "outperform" rating for the company in a report on Friday, February 21st. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $29.25.

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.