Prelude Capital Management LLC lowered its holdings in shares of Cenovus Energy Inc. (NYSE:CVE – Free Report) (TSE:CVE) by 4.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 201,383 shares of the oil and gas company’s stock after selling 9,298 shares during the period. Prelude Capital Management LLC’s holdings in Cenovus Energy were worth $3,516,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in CVE. Bornite Capital Management LP grew its stake in Cenovus Energy by 20.0% during the first quarter. Bornite Capital Management LP now owns 3,000,000 shares of the oil and gas company’s stock worth $50,040,000 after purchasing an additional 500,000 shares during the period. Raymond James & Associates boosted its holdings in Cenovus Energy by 48.6% in the first quarter. Raymond James & Associates now owns 130,378 shares of the oil and gas company’s stock worth $2,175,000 after acquiring an additional 42,646 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Cenovus Energy by 0.5% in the first quarter. Bank of New York Mellon Corp now owns 1,471,933 shares of the oil and gas company’s stock worth $24,551,000 after acquiring an additional 7,624 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in Cenovus Energy by 25.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,944 shares of the oil and gas company’s stock worth $399,000 after acquiring an additional 4,806 shares in the last quarter. Finally, Natixis Advisors L.P. boosted its holdings in Cenovus Energy by 11.6% in the first quarter. Natixis Advisors L.P. now owns 49,549 shares of the oil and gas company’s stock worth $826,000 after acquiring an additional 5,150 shares in the last quarter. Institutional investors and hedge funds own 50.01% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on the company. UBS Group assumed coverage on Cenovus Energy in a report on Wednesday, July 12th. They issued a “neutral” rating on the stock. The Goldman Sachs Group upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and raised their target price for the company from $20.00 to $22.00 in a report on Tuesday, June 6th. StockNews.com started coverage on Cenovus Energy in a research report on Thursday, August 17th. They set a “hold” rating for the company. Finally, Scotiabank raised Cenovus Energy from a “sector perform” rating to a “sector outperform” rating in a research report on Wednesday, September 6th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.88.
Cenovus Energy Stock Performance
Shares of NYSE CVE traded down $0.23 during mid-day trading on Wednesday, hitting $20.38. The company had a trading volume of 2,188,331 shares, compared to its average volume of 7,267,107. The company has a market capitalization of $38.65 billion, a price-to-earnings ratio of 13.93 and a beta of 2.24. Cenovus Energy Inc. has a 1 year low of $14.44 and a 1 year high of $22.18. The company has a current ratio of 1.50, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32. The stock’s 50-day moving average price is $18.79 and its 200-day moving average price is $17.64.
Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01. The company had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $9.69 billion. Cenovus Energy had a return on equity of 14.29% and a net margin of 6.98%. On average, sell-side analysts forecast that Cenovus Energy Inc. will post 1.56 earnings per share for the current year.
Cenovus Energy Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a $0.106 dividend. The ex-dividend date is Thursday, September 14th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.10. This represents a $0.42 annualized dividend and a dividend yield of 2.08%. Cenovus Energy’s payout ratio is 27.70%.
About Cenovus Energy
Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil and natural gas in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, and U.S. Manufacturing segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan.
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