Scheer Rowlett & Associates Investment Management Ltd. lessened its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 12.1% in the third quarter, HoldingsChannel reports. The firm owned 3,585,624 shares of the oil and gas company’s stock after selling 493,234 shares during the quarter. Cenovus Energy comprises 2.3% of Scheer Rowlett & Associates Investment Management Ltd.’s portfolio, making the stock its 17th biggest holding. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Cenovus Energy were worth $35,978,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. FIL Ltd increased its holdings in Cenovus Energy by 2.3% in the 3rd quarter. FIL Ltd now owns 49,490,561 shares of the oil and gas company’s stock worth $496,954,000 after purchasing an additional 1,113,738 shares in the last quarter. Letko Brosseau & Associates Inc. raised its stake in shares of Cenovus Energy by 0.5% in the second quarter. Letko Brosseau & Associates Inc. now owns 39,769,651 shares of the oil and gas company’s stock worth $412,677,000 after purchasing an additional 194,244 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Cenovus Energy by 51.7% during the third 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 acquiring an additional 6,574,007 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Cenovus Energy by 4.8% during the third quarter. Toronto Dominion Bank now owns 6,898,905 shares of the oil and gas company’s stock valued at $69,264,000 after acquiring an additional 313,437 shares during the last quarter. Finally, Lansdowne Partners UK LLP increased its position in shares of Cenovus Energy by 115.0% during the second 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 acquiring an additional 2,303,179 shares during the last quarter. 75.33% of the stock is owned by institutional investors and hedge funds.
CVE has been the subject of a number of research analyst reports. Tudor Pickering downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Canaccord Genuity downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Thursday, August 16th. Goldman Sachs Group downgraded Cenovus Energy from a “neutral” rating to a “sell” rating in a research report on Friday, September 7th. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, September 10th. Finally, ValuEngine downgraded Cenovus Energy from a “hold” rating to a “sell” rating in a research report on Thursday, September 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. Cenovus Energy presently has a consensus rating of “Hold” and an average target price of $12.65.
NYSE:CVE traded down $0.32 during trading hours on Thursday, hitting $7.82. 118,883 shares of the company’s stock traded hands, compared to its average volume of 4,955,064. The firm has a market capitalization of $10.00 billion, a price-to-earnings ratio of -391.00 and a beta of 0.74. Cenovus Energy Inc has a 52 week low of $6.89 and a 52 week high of $11.47. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 1.26.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data 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 business had revenue of $4.70 billion for the quarter, compared to the consensus estimate of $4.44 billion. Cenovus Energy had a negative net margin of 3.15% and a negative return on equity of 9.58%. Equities analysts forecast that Cenovus Energy Inc will post -0.67 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be paid a dividend of $0.0382 per share. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.04. The ex-dividend date is Thursday, December 13th. This represents a $0.15 annualized dividend and a yield of 1.95%. Cenovus Energy’s dividend payout ratio (DPR) is currently -750.00%.
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Cenovus Energy 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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