National Asset Management Inc. Sells 4,155 Shares of Cenovus Energy Inc. (NYSE:CVE)

National Asset Management Inc. decreased its position in shares of Cenovus Energy Inc. (NYSE:CVE – Get Rating) (TSE:CVE) by 25.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,033 shares of the oil and gas company’s stock after selling 4,155 shares during the quarter. National Asset Management Inc.’s holdings in Cenovus Energy were worth $202,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CVE. CWM LLC grew its stake in Cenovus Energy by 239.4% in the 1st quarter. CWM LLC now owns 1,680 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 1,185 shares during the period. Signaturefd LLC increased its stake in Cenovus Energy by 6.5% in the 1st quarter. Signaturefd LLC now owns 25,476 shares of the oil and gas company’s stock worth $425,000 after acquiring an additional 1,551 shares during the last quarter. Quadrant Capital Group LLC increased its stake in Cenovus Energy by 16.1% in the 4th quarter. Quadrant Capital Group LLC now owns 17,370 shares of the oil and gas company’s stock worth $213,000 after acquiring an additional 2,413 shares during the last quarter. Blume Capital Management Inc. increased its stake in Cenovus Energy by 108.2% in the 4th quarter. Blume Capital Management Inc. now owns 4,810 shares of the oil and gas company’s stock worth $59,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. bought a new position in shares of Cenovus Energy during the 4th quarter valued at about $285,000. Institutional investors own 48.02% of the company’s stock.

Cenovus Energy Stock Down 2.7 %

Shares of NYSE:CVE opened at $18.57 on Tuesday. Cenovus Energy Inc. has a 52-week low of $7.20 and a 52-week high of $24.91. The stock has a market cap of $36.20 billion, a P/E ratio of 11.61 and a beta of 2.33. The business’s 50 day moving average is $19.88 and its 200 day moving average is $17.82. The company has a quick ratio of 1.14, a current ratio of 1.73 and a debt-to-equity ratio of 0.44.

Cenovus Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.0814 per share. The ex-dividend date is Wednesday, September 14th. This represents a $0.33 dividend on an annualized basis and a yield of 1.75%. Cenovus Energy’s dividend payout ratio is currently 20.63%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Scotiabank increased their price objective on Cenovus Energy from C$25.00 to C$34.00 in a report on Wednesday, June 8th. CIBC lifted their price objective on Cenovus Energy from C$28.00 to C$30.00 in a research note on Thursday, April 14th. Cormark reduced their target price on Cenovus Energy from $32.00 to $26.00 in a report on Monday, May 16th. Royal Bank of Canada lifted their price objective on Cenovus Energy from C$27.00 to C$28.00 in a report on Thursday, April 28th. Finally, Credit Suisse Group lifted their price objective on Cenovus Energy from C$32.00 to C$37.00 and gave the stock an “outperform” rating in a report on Thursday, June 9th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $26.13.

Cenovus Energy Company Profile

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Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific region. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments.

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