44,644 Cenovus Energy Inc $CVE Shares Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. lowered its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 0.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,283,063 shares of the oil and gas company’s stock after selling 44,644 shares during the quarter. Cenovus Energy makes up approximately 2.1% of Letko Brosseau & Associates Inc.’s holdings, making the stock its 17th biggest holding. Letko Brosseau & Associates Inc.’s holdings in Cenovus Energy were worth $164,622,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CVE. Orion Capital Management LLC purchased a new stake in Cenovus Energy in the 2nd quarter worth approximately $25,000. Versant Capital Management Inc raised its holdings in Cenovus Energy by 990.9% in the 3rd quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 981 shares during the last quarter. Gables Capital Management Inc. acquired a new position in Cenovus Energy in the 2nd quarter valued at $35,000. GK Wealth Management LLC acquired a new position in Cenovus Energy in the 3rd quarter valued at $59,000. Finally, Allworth Financial LP purchased a new position in shares of Cenovus Energy during the 2nd quarter worth $68,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Trading Up 1.7%

Shares of CVE stock opened at $28.91 on Friday. The firm’s 50-day simple moving average is $31.58 and its 200-day simple moving average is $27.85. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.64 and a quick ratio of 1.16. Cenovus Energy Inc has a 1-year low of $15.63 and a 1-year high of $34.16. The firm has a market cap of $52.24 billion, a P/E ratio of 8.53 and a beta of 0.38.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a dividend of C$0.22 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $0.88 annualized dividend and a yield of 3.0%. Cenovus Energy’s dividend payout ratio is 18.88%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CVE. UBS Group cut Cenovus Energy from a “buy” rating to a “hold” rating in a report on Wednesday, September 2nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research report on Sunday, October 18th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Monday, October 19th. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Sunday, October 11th. Finally, Royal Bank Of Canada increased their target price on Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $39.00.

Cenovus Energy Profile

Cenovus Energy is an integrated energy company headquartered in Calgary, Alberta. Its activities include producing oil and natural gas, processing oil sands, refining crude oil and marketing energy products. The company’s upstream operations include oil sands and conventional assets in Western Canada, as well as offshore production. Its downstream business operates refineries in Canada and the United States, helping connect its production with markets for refined products. Cenovus was created in 2009 when Encana separated its integrated oil business.