BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 27.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 91,276 shares of the oil and gas company’s stock after selling 34,324 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Cenovus Energy were worth $708,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of CVE. CIBC Asset Management Inc boosted its stake in shares of Cenovus Energy by 51.7% in the 3rd quarter. CIBC Asset Management Inc now owns 19,301,225 shares of the oil and gas company’s stock valued at $193,660,000 after purchasing an additional 6,574,007 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Cenovus Energy in the 2nd quarter valued at $31,560,000. Lansdowne Partners UK LLP boosted its stake in shares of Cenovus Energy by 115.0% in the 2nd quarter. Lansdowne Partners UK LLP now owns 4,306,044 shares of the oil and gas company’s stock valued at $44,697,000 after purchasing an additional 2,303,179 shares in the last quarter. Luminus Management LLC boosted its stake in shares of Cenovus Energy by 132.5% in the 2nd quarter. Luminus Management LLC now owns 2,557,500 shares of the oil and gas company’s stock valued at $26,553,000 after purchasing an additional 1,457,500 shares in the last quarter. Finally, Soros Fund Management LLC boosted its stake in shares of Cenovus Energy by 250.0% in the 2nd quarter. Soros Fund Management LLC now owns 1,750,000 shares of the oil and gas company’s stock valued at $18,165,000 after purchasing an additional 1,250,000 shares in the last quarter. Institutional investors own 75.25% of the company’s stock.
Several brokerages recently issued reports on CVE. Zacks Investment Research reiterated a “buy” rating and set a $9.25 price target on shares of Cenovus Energy in a research report on Tuesday, November 13th. Scotiabank upgraded shares of Cenovus Energy from a “sector perform” rating to a “buy” rating in a research report on Tuesday, October 30th. TD Securities upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Monday, October 22nd. CIBC reiterated a “buy” rating on shares of Cenovus Energy in a research report on Thursday, November 22nd. Finally, Tudor Pickering upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Monday, December 10th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $12.65.
Shares of NYSE CVE opened at $7.36 on Tuesday. The company has a current ratio of 1.26, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47. Cenovus Energy Inc has a 12-month low of $6.89 and a 12-month high of $11.47.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.32). The company had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.44 billion. Cenovus Energy had a negative return on equity of 9.58% and a negative net margin of 3.15%. On average, research analysts expect that Cenovus Energy Inc will post -0.7 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be given a dividend of $0.0382 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.15 annualized dividend and a yield of 2.07%. Cenovus Energy’s dividend payout ratio is -750.00%.
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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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