Harris Associates L P Buys 6,694,276 Shares of Cenovus Energy Inc (CVE)

Harris Associates L P grew its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 10.0% in the fourth quarter, Holdings Channel reports. The fund owned 73,886,985 shares of the oil and gas company’s stock after buying an additional 6,694,276 shares during the quarter. Harris Associates L P owned about 0.06% of Cenovus Energy worth $519,340,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Gotham Asset Management LLC acquired a new position in Cenovus Energy during the fourth quarter worth $4,826,000. Two Sigma Securities LLC increased its position in Cenovus Energy by 168.7% during the fourth quarter. Two Sigma Securities LLC now owns 34,647 shares of the oil and gas company’s stock worth $244,000 after buying an additional 85,047 shares during the last quarter. Geode Capital Management LLC increased its position in Cenovus Energy by 12.6% during the fourth quarter. Geode Capital Management LLC now owns 855,309 shares of the oil and gas company’s stock worth $5,968,000 after buying an additional 95,602 shares during the last quarter. Natixis Advisors L.P. acquired a new position in Cenovus Energy during the fourth quarter worth $258,000. Finally, PCJ Investment Counsel Ltd. acquired a new position in Cenovus Energy during the fourth quarter worth $7,999,000. Institutional investors own 77.22% of the company’s stock.

CVE stock opened at $8.86 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.23 and a quick ratio of 0.84. Cenovus Energy Inc has a 52-week low of $6.15 and a 52-week high of $11.47. The stock has a market cap of $10.86 billion, a price-to-earnings ratio of -5.08, a PEG ratio of 4.40 and a beta of 0.79.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, February 13th. The oil and gas company reported ($1.03) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.87). Cenovus Energy had a negative net margin of 12.41% and a negative return on equity of 15.71%. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same quarter last year, the company earned ($0.42) earnings per share. As a group, equities analysts anticipate that Cenovus Energy Inc will post 0.34 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be issued a dividend of $0.0377 per share. This represents a $0.15 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Thursday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is -8.62%.

Several research firms have commented on CVE. Morgan Stanley reissued a “hold” rating on shares of Cenovus Energy in a research report on Tuesday, January 29th. Royal Bank of Canada reissued a “buy” rating and set a $13.00 target price on shares of Cenovus Energy in a research report on Monday, January 7th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Cenovus Energy in a research report on Tuesday, December 11th. ValuEngine downgraded shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research report on Thursday, January 24th. Finally, CIBC downgraded shares of Cenovus Energy from a “sector outperform” rating to a “neutral” rating in a research report on Thursday, January 31st. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $12.54.

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About Cenovus Energy

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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Institutional Ownership by Quarter for Cenovus Energy (NYSE:CVE)

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