Investment Management Corp of Ontario Sells 4,659 Shares of Cenovus Energy Inc. (NYSE:CVE)

Investment Management Corp of Ontario cut its stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 2.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 229,298 shares of the oil and gas company’s stock after selling 4,659 shares during the period. Investment Management Corp of Ontario’s holdings in Cenovus Energy were worth $3,836,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Truvestments Capital LLC purchased a new position in Cenovus Energy during the third quarter valued at approximately $25,000. Blue Trust Inc. grew its position in shares of Cenovus Energy by 640.3% during the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after purchasing an additional 643 shares during the period. SevenBridge Financial Group LLC purchased a new stake in shares of Cenovus Energy in the third quarter worth $162,000. Finally, Everpar Advisors LLC purchased a new stake in shares of Cenovus Energy in the second quarter worth $211,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at $15.90 on Wednesday. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The firm has a market cap of $29.04 billion, a P/E ratio of 10.97 and a beta of 2.02. Cenovus Energy Inc. has a 1-year low of $14.69 and a 1-year high of $21.90. The firm has a 50-day moving average of $16.59 and a 200-day moving average of $18.14.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.08. The firm had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business’s revenue was down 17.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.72 earnings per share. Sell-side analysts expect that Cenovus Energy Inc. will post 1.48 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.133 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 annualized dividend and a dividend yield of 3.35%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s payout ratio is currently 36.55%.

Analysts Set New Price Targets

CVE has been the topic of a number of research analyst reports. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, BMO Capital Markets dropped their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus target price 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.