Van ECK Associates Corp Sells 272,673 Shares of Cenovus Energy Inc. (NYSE:CVE)

Van ECK Associates Corp lessened its position in shares of Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 35.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 503,397 shares of the oil and gas company's stock after selling 272,673 shares during the quarter. Van ECK Associates Corp's holdings in Cenovus Energy were worth $7,626,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CVE. Truvestments Capital LLC bought a new position in shares of Cenovus Energy in the 3rd quarter worth about $25,000. Blue Trust Inc. lifted its stake in Cenovus Energy by 640.3% in 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 during the period. SevenBridge Financial Group LLC acquired a new position in Cenovus Energy in the third quarter valued at approximately $162,000. Empirical Asset Management LLC bought a new position in shares of Cenovus Energy during the 4th quarter worth approximately $174,000. Finally, FCG Investment Co acquired a new stake in shares of Cenovus Energy during the 3rd quarter worth approximately $211,000. Institutional investors own 51.19% of the company's stock.

Cenovus Energy Stock Down 4.5 %

CVE traded down $0.69 during midday trading on Friday, reaching $14.61. 13,405,106 shares of the company were exchanged, compared to its average volume of 10,781,016. The company has a market cap of $26.64 billion, a price-to-earnings ratio of 10.07 and a beta of 1.99. Cenovus Energy Inc. has a one year low of $13.76 and a one year high of $21.90. The company's fifty day moving average price is $14.99 and its 200 day moving average price is $16.30. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.27). Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $11.08 billion. As a group, analysts expect that Cenovus Energy Inc. will post 1.36 EPS for the current year.

Cenovus Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.1269 per share. This represents a $0.51 annualized dividend and a yield of 3.47%. The ex-dividend date is Friday, March 14th. Cenovus Energy's dividend payout ratio (DPR) is presently 34.48%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. National Bank Financial lowered shares of Cenovus Energy from an "outperform" rating to a "sector perform" rating in a research note on Friday. Royal Bank of Canada cut their price objective on shares of Cenovus Energy from $26.00 to $25.00 and set an "outperform" rating on the stock in a research report on Friday. StockNews.com downgraded Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Saturday, December 28th. Finally, BMO Capital Markets reduced their price objective on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating for the company in a research note on Friday, November 1st. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.25.

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.