Virginia Retirement Systems ET AL trimmed its position in Cenovus Energy (NYSE:CVE) (TSE:CVE) by 36.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 103,100 shares of the oil and gas company’s stock after selling 57,965 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Cenovus Energy were worth $877,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its stake in shares of Cenovus Energy by 43.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 34,086 shares of the oil and gas company’s stock valued at $391,000 after purchasing an additional 10,292 shares in the last quarter. D.A. Davidson & CO. grew its position in Cenovus Energy by 20.8% in the fourth quarter. D.A. Davidson & CO. now owns 66,797 shares of the oil and gas company’s stock valued at $610,000 after acquiring an additional 11,479 shares during the period. QS Investors LLC bought a new stake in Cenovus Energy in the fourth quarter valued at $121,000. Halsey Associates Inc. CT bought a new stake in Cenovus Energy in the fourth quarter valued at $137,000. Finally, Alpha Omega Wealth Management LLC grew its position in Cenovus Energy by 5.0% in the first quarter. Alpha Omega Wealth Management LLC now owns 374,583 shares of the oil and gas company’s stock valued at $3,199,000 after acquiring an additional 17,682 shares during the period. Institutional investors and hedge funds own 74.10% of the company’s stock.
A number of analysts have weighed in on the company. BMO Capital Markets upgraded Cenovus Energy from a “market perform” rating to an “outperform” rating in a research report on Thursday. Zacks Investment Research cut Cenovus Energy from a “hold” rating to a “sell” rating in a report on Monday, March 5th. ValuEngine cut Cenovus Energy from a “sell” rating to a “strong sell” rating in a report on Thursday, March 1st. AltaCorp Capital upgraded Cenovus Energy from a “sector perform” rating to an “outperform” rating in a report on Friday, February 16th. Finally, Bank of America initiated coverage on Cenovus Energy in a report on Thursday, April 5th. They issued a “neutral” rating and a $9.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $13.36.
Cenovus Energy opened at $10.88 on Thursday, Marketbeat reports. Cenovus Energy has a 1-year low of $10.76 and a 1-year high of $10.91. The company has a current ratio of 1.12, a quick ratio of 0.72 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $13.34 billion, a price-to-earnings ratio of -544.00 and a beta of 0.69.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, April 25th. The oil and gas company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.35). Cenovus Energy had a net margin of 13.13% and a negative return on equity of 3.24%. The company had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the company posted ($0.05) EPS. research analysts anticipate that Cenovus Energy will post -0.12 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be given a dividend of $0.0389 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Thursday, June 14th. Cenovus Energy’s dividend payout ratio is currently -800.00%.
Cenovus Energy Company Profile
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.
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