Wellington Management Group LLP Trims Holdings in Cenovus Energy Inc. (NYSE:CVE)

Wellington Management Group LLP reduced its position in shares of Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 46.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 5,982,343 shares of the oil and gas company's stock after selling 5,131,906 shares during the quarter. Wellington Management Group LLP owned about 0.33% of Cenovus Energy worth $90,637,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVE. Prevail Innovative Wealth Advisors LLC purchased a new stake in Cenovus Energy during the 4th quarter valued at $3,525,000. CIBC Private Wealth Group LLC raised its holdings in Cenovus Energy by 177.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 11,991 shares of the oil and gas company's stock valued at $184,000 after buying an additional 7,669 shares during the period. Korea Investment CORP raised its holdings in Cenovus Energy by 67.5% during the 4th quarter. Korea Investment CORP now owns 1,517,768 shares of the oil and gas company's stock valued at $22,996,000 after buying an additional 611,400 shares during the period. Mufg Securities Canada LTD. raised its holdings in Cenovus Energy by 69.3% during the 4th quarter. Mufg Securities Canada LTD. now owns 1,952,419 shares of the oil and gas company's stock valued at $29,577,000 after buying an additional 799,001 shares during the period. Finally, Guardian Partners Inc. purchased a new stake in Cenovus Energy during the 4th quarter valued at $924,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Stock Down 8.8 %

CVE stock traded down $1.06 during trading on Thursday, reaching $10.96. 2,781,412 shares of the company traded hands, compared to its average volume of 8,691,784. Cenovus Energy Inc. has a 12 month low of $10.23 and a 12 month high of $21.90. The business has a 50 day simple moving average of $13.75 and a 200 day simple moving average of $15.12. The company has a market capitalization of $19.97 billion, a price-to-earnings ratio of 9.08 and a beta of 1.46. 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 issued its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.27). The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $11.08 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. On average, equities research analysts anticipate that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.1269 dividend. This represents a $0.51 annualized dividend and a yield of 4.63%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy's dividend payout ratio is presently 40.50%.

Analyst Ratings Changes

A number of research firms have weighed in on CVE. Royal Bank of Canada reiterated an "outperform" rating and issued a $25.00 target price on shares of Cenovus Energy in a research note on Wednesday, April 2nd. StockNews.com lowered Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Saturday, December 28th. National Bank Financial lowered Cenovus Energy from an "outperform" rating to a "sector perform" rating in a research note on Friday, February 21st. Scotiabank raised Cenovus Energy to a "strong-buy" rating in a research report on Wednesday, March 19th. Finally, Morgan Stanley reissued an "overweight" rating on shares of Cenovus Energy in a research report on Wednesday, March 26th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $29.00.

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.