Nexus Investment Management Inc. decreased its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 2.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,600,100 shares of the oil and gas company’s stock after selling 33,900 shares during the period. Cenovus Energy makes up 2.1% of Nexus Investment Management Inc.’s holdings, making the stock its 25th biggest holding. Nexus Investment Management Inc. owned about 0.13% of Cenovus Energy worth $15,014,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in CVE. JPMorgan Chase & Co. increased its stake in Cenovus Energy by 47.1% in the second quarter. JPMorgan Chase & Co. now owns 2,936,385 shares of the oil and gas company’s stock valued at $25,988,000 after purchasing an additional 940,589 shares in the last quarter. Lincluden Management Ltd. increased its stake in Cenovus Energy by 10.2% in the second quarter. Lincluden Management Ltd. now owns 5,891,532 shares of the oil and gas company’s stock valued at $52,649,000 after purchasing an additional 544,920 shares in the last quarter. Capital Fund Management S.A. increased its stake in Cenovus Energy by 422.2% in the second quarter. Capital Fund Management S.A. now owns 142,981 shares of the oil and gas company’s stock valued at $1,261,000 after purchasing an additional 115,600 shares in the last quarter. Ontario Teachers Pension Plan Board bought a new stake in Cenovus Energy in the second quarter valued at $310,000. Finally, ARP Americas LP increased its stake 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 valued at $1,260,000 after purchasing an additional 114,900 shares in the last quarter. Institutional investors and hedge funds own 76.41% of the company’s stock.
Shares of NYSE:CVE traded down $0.10 during midday trading on Wednesday, hitting $8.03. 4,681,538 shares of the company’s stock were exchanged, compared to its average volume of 4,240,417. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.02 and a quick ratio of 0.54. The stock has a 50 day moving average price of $9.09 and a 200-day moving average price of $9.00. The company has a market cap of $10.30 billion, a PE ratio of -4.61, a price-to-earnings-growth ratio of 3.00 and a beta of 0.94. Cenovus Energy Inc has a 12 month low of $6.15 and a 12 month high of $10.82.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, July 25th. The oil and gas company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.07). The business had revenue of $4.43 billion for the quarter, compared to the consensus estimate of $4.38 billion. Cenovus Energy had a negative return on equity of 8.70% and a net margin of 1.25%. During the same period in the previous year, the firm earned ($0.24) earnings per share. On average, analysts anticipate that Cenovus Energy Inc will post 0.47 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.038 per share. The ex-dividend date was Thursday, September 12th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. This represents a $0.15 annualized dividend and a dividend yield of 1.89%. Cenovus Energy’s payout ratio is presently -8.62%.
CVE has been the subject of several research analyst reports. UBS Group lifted their price target on shares of Cenovus Energy from $12.50 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, October 3rd. Citigroup raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating in a research note on Monday. AltaCorp Capital raised shares of Cenovus Energy from a “sector perform” rating to an “outperform” rating in a research note on Monday. Goldman Sachs Group raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $12.00 price target for the company in a research note on Thursday, September 26th. Finally, CIBC set a $16.50 price target on shares of Cenovus Energy and gave the company a “buy” rating in a research note on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company’s stock. Cenovus Energy presently has a consensus rating of “Buy” and an average target price of $13.78.
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 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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