Assenagon Asset Management S.A. Reduces Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)

Assenagon Asset Management S.A. lowered its position in Cenovus Energy Inc. (NYSE:CVEGet Rating) (TSE:CVE) by 97.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 41,924 shares of the oil and gas company’s stock after selling 1,474,095 shares during the period. Assenagon Asset Management S.A.’s holdings in Cenovus Energy were worth $647,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Washington Trust Advisors Inc. increased its position in Cenovus Energy by 153.1% during the 2nd quarter. Washington Trust Advisors Inc. now owns 1,488 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 900 shares in the last quarter. Venture Visionary Partners LLC purchased a new stake in Cenovus Energy during the 2nd quarter worth about $31,000. SeaCrest Wealth Management LLC purchased a new stake in Cenovus Energy during the 2nd quarter worth about $34,000. Ronald Blue Trust Inc. purchased a new stake in Cenovus Energy during the 2nd quarter worth about $35,000. Finally, Macquarie Group Ltd. purchased a new stake in Cenovus Energy during the 2nd quarter worth about $80,000. Hedge funds and other institutional investors own 49.27% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Scotiabank lowered their price target on Cenovus Energy from C$34.00 to C$33.00 in a report on Thursday, October 13th. National Bank Financial lifted their price target on Cenovus Energy from C$36.00 to C$39.00 in a report on Wednesday, January 11th. Royal Bank of Canada lifted their price target on Cenovus Energy from C$31.00 to C$32.00 in a report on Thursday, November 3rd. Raymond James lifted their price target on Cenovus Energy from C$32.00 to C$33.00 in a report on Wednesday, December 7th. Finally, The Goldman Sachs Group lowered Cenovus Energy from a “buy” rating to a “neutral” rating and set a $23.00 price objective on the stock. in a research note on Monday, November 21st.

Cenovus Energy Stock Performance

NYSE CVE opened at $19.33 on Tuesday. The business’s 50-day simple moving average is $19.35 and its 200-day simple moving average is $18.52. The firm has a market capitalization of $37.06 billion, a P/E ratio of 9.62 and a beta of 2.26. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.55 and a quick ratio of 1.00. Cenovus Energy Inc. has a 1-year low of $13.01 and a 1-year high of $24.91.

Cenovus Energy (NYSE:CVEGet Rating) (TSE:CVE) last released its quarterly earnings results on Wednesday, November 2nd. The oil and gas company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.16). The company had revenue of $13.39 billion for the quarter, compared to analyst estimates of $10.41 billion. Cenovus Energy had a return on equity of 26.94% and a net margin of 7.66%. Equities analysts predict that Cenovus Energy Inc. will post 2.72 EPS for the current year.

Cenovus Energy Cuts Dividend

The business also recently declared a dividend, which was paid on Friday, December 2nd. Investors of record on Friday, November 18th were given a dividend of $0.114 per share. The ex-dividend date was Thursday, November 17th. Cenovus Energy’s dividend payout ratio (DPR) is presently 15.42%.

Cenovus Energy 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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Institutional Ownership by Quarter for Cenovus Energy (NYSE:CVE)

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