Cenovus Energy Inc. (NYSE:CVE) Stake Lowered by Nexus Investment Management ULC

Nexus Investment Management ULC trimmed its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 0.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,051,805 shares of the oil and gas company’s stock after selling 2,545 shares during the period. Nexus Investment Management ULC owned about 0.06% of Cenovus Energy worth $15,908,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Smead Capital Management Inc. raised its stake in shares of Cenovus Energy by 39.3% during the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock worth $257,831,000 after purchasing an additional 4,351,960 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new position in Cenovus Energy in the third quarter worth approximately $11,569,000. Entropy Technologies LP bought a new position in Cenovus Energy during the third quarter valued at approximately $3,472,000. Two Sigma Advisers LP lifted its stake in Cenovus Energy by 44.1% in the third quarter. Two Sigma Advisers LP now owns 1,284,600 shares of the oil and gas company’s stock valued at $21,491,000 after acquiring an additional 393,100 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Cenovus Energy by 11.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,653,192 shares of the oil and gas company’s stock worth $61,163,000 after acquiring an additional 369,021 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Stock Up 1.4 %

CVE stock opened at $15.06 on Friday. The stock has a market capitalization of $27.48 billion, a price-to-earnings ratio of 10.38 and a beta of 2.01. The company has a 50-day moving average of $15.32 and a two-hundred day moving average of $17.09. Cenovus Energy Inc. has a 52-week low of $14.20 and a 52-week high of $21.90. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.08. The firm had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.72 EPS. As a group, equities research analysts anticipate that Cenovus Energy Inc. will post 1.45 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.133 dividend. This represents a $0.53 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend was Friday, December 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio (DPR) is presently 35.17%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CVE. Royal Bank of Canada restated an “outperform” rating and set a $28.00 price target on shares of Cenovus Energy in a report on Monday, January 6th. StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. BMO Capital Markets reduced their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.