Letko Brosseau & Associates Inc. trimmed its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 0.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 41,183,166 shares of the oil and gas company’s stock after selling 77,850 shares during the period. Cenovus Energy comprises about 3.7% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 8th biggest position. Letko Brosseau & Associates Inc. owned 3.35% of Cenovus Energy worth $364,007,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. TD Asset Management Inc. lifted its holdings in shares of Cenovus Energy by 4.2% during the second quarter. TD Asset Management Inc. now owns 43,206,265 shares of the oil and gas company’s stock worth $381,888,000 after purchasing an additional 1,739,611 shares during the period. Aperio Group LLC raised its position in Cenovus Energy by 10.7% in the second quarter. Aperio Group LLC now owns 196,491 shares of the oil and gas company’s stock worth $1,733,000 after acquiring an additional 19,009 shares in the last quarter. Intact Investment Management Inc. raised its position in Cenovus Energy by 17.5% in the second quarter. Intact Investment Management Inc. now owns 1,851,500 shares of the oil and gas company’s stock worth $21,274,000 after acquiring an additional 276,400 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cenovus Energy by 15.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,071,014 shares of the oil and gas company’s stock worth $9,466,000 after acquiring an additional 140,089 shares in the last quarter. Finally, ARP Americas LP raised its position in Cenovus Energy by 411.7% in the second quarter. ARP Americas LP now owns 142,806 shares of the oil and gas company’s stock worth $1,260,000 after acquiring an additional 114,900 shares in the last quarter. Hedge funds and other institutional investors own 76.18% of the company’s stock.
Several research analysts have issued reports on CVE shares. ValuEngine cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Monday, April 29th. GMP Securities reiterated a “buy” rating and issued a $17.50 price objective on shares of Cenovus Energy in a research report on Thursday, April 25th. Finally, CIBC upgraded Cenovus Energy from a “neutral” rating to an “outperform” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $13.41.
Shares of CVE stock traded down $0.16 during mid-day trading on Thursday, reaching $8.12. The stock had a trading volume of 128,520 shares, compared to its average volume of 3,662,512. Cenovus Energy Inc has a 12-month low of $6.15 and a 12-month high of $10.65. The firm has a market capitalization of $10.05 billion, a P/E ratio of -4.67, a P/E/G ratio of 2.64 and a beta of 0.97. The firm’s 50-day moving average is $9.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.54 and a current ratio of 1.02.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07). Cenovus Energy had a net margin of 1.25% and a negative return on equity of 8.70%. The firm had revenue of $4.43 billion during the quarter, compared to analysts’ expectations of $4.38 billion. During the same quarter in the prior year, the business earned ($0.24) EPS. On average, equities analysts forecast that Cenovus Energy Inc will post 0.54 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $0.038 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.87%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s dividend payout ratio (DPR) is currently -8.62%.
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 in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake.
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