Capital World Investors Sells 28,681,373 Shares of Cenovus Energy Inc $CVE

Capital World Investors lowered its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 15.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 156,012,585 shares of the oil and gas company’s stock after selling 28,681,373 shares during the period. Capital World Investors owned 0.09% of Cenovus Energy worth $2,649,332,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CVE. Jones Financial Companies Lllp grew its position in Cenovus Energy by 16.8% during the third quarter. Jones Financial Companies Lllp now owns 6,369 shares of the oil and gas company’s stock valued at $113,000 after acquiring an additional 917 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Cenovus Energy by 20.8% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 5,933 shares of the oil and gas company’s stock valued at $101,000 after buying an additional 1,021 shares during the last quarter. OMERS ADMINISTRATION Corp increased its position in shares of Cenovus Energy by 1.1% in the second quarter. OMERS ADMINISTRATION Corp now owns 101,257 shares of the oil and gas company’s stock valued at $1,375,000 after acquiring an additional 1,076 shares during the period. Penbrook Management LLC boosted its holdings in shares of Cenovus Energy by 3.8% during the third quarter. Penbrook Management LLC now owns 29,880 shares of the oil and gas company’s stock worth $508,000 after purchasing an additional 1,080 shares during the period. Finally, Allworth Financial LP raised its position in Cenovus Energy by 104.3% during the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 1,168 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

CVE opened at $22.78 on Tuesday. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $23.89. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. The firm has a market cap of $42.83 billion, a P/E ratio of 14.89 and a beta of 0.43. The company has a 50 day simple moving average of $19.91 and a two-hundred day simple moving average of $18.18.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.08. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $10.89 billion. During the same quarter last year, the company earned $0.07 EPS. Equities analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Friday, March 13th. Cenovus Energy’s payout ratio is currently 37.25%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CVE. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Scotiabank upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, February 20th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Cenovus Energy in a research note on Tuesday, January 20th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $22.00 target price on shares of Cenovus Energy in a report on Monday, February 2nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Cenovus Energy in a research note on Tuesday, January 27th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $27.33.

Cenovus Energy Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.