Connor Clark & Lunn Investment Management Ltd. Sells 4,965,726 Shares of Cenovus Energy Inc. (NYSE:CVE)

Connor Clark & Lunn Investment Management Ltd. lessened its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 82.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,064,499 shares of the oil and gas company’s stock after selling 4,965,726 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.06% of Cenovus Energy worth $16,116,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Truvestments Capital LLC acquired a new stake in Cenovus Energy in the 3rd quarter valued at about $25,000. Farther Finance Advisors LLC raised its stake in Cenovus Energy by 104.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 851 shares during the period. Sierra Ocean LLC acquired a new stake in shares of Cenovus Energy in the fourth quarter valued at approximately $67,000. Blue Trust Inc. boosted its stake in shares of Cenovus Energy by 54.7% during the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock worth $72,000 after acquiring an additional 1,677 shares during the period. Finally, SevenBridge Financial Group LLC acquired a new position in shares of Cenovus Energy during the 3rd quarter worth approximately $162,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CVE shares. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. National Bank Financial cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. Finally, Royal Bank of Canada decreased their price target on shares of Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.25.

Cenovus Energy Trading Down 1.2 %

Shares of Cenovus Energy stock opened at $13.07 on Friday. Cenovus Energy Inc. has a 52-week low of $12.07 and a 52-week high of $21.90. The stock has a market cap of $23.83 billion, a PE ratio of 10.80 and a beta of 1.99. The firm has a 50-day moving average of $14.59 and a 200-day moving average of $15.76. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $11.08 billion. As a group, sell-side analysts forecast that Cenovus Energy Inc. will post 1.49 EPS for the current year.

Cenovus Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.1269 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a yield of 3.88%. Cenovus Energy’s dividend payout ratio (DPR) is presently 40.50%.

Cenovus Energy 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.