1832 Asset Management L.P. Reduces Position in Cenovus Energy Inc $CVE

Key Points

• 1832 Asset Management L.P. has significantly reduced its stake in Cenovus Energy Inc by 89.8%, now holding 18,960 shares valued at $264,000 after selling 166,799 shares in the first quarter.
• Wall Street analysts are optimistic about the company's growth, with ratings showing a consensus of "Buy" and an average target price of $23.33 for the stock.
• Cenovus Energy recently increased its dividend to $0.20, representing a substantial yield of 425.0%, up from the previous dividend of $0.11.

1832 Asset Management L.P. cut its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 89.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,960 shares of the oil and gas company's stock after selling 166,799 shares during the period. 1832 Asset Management L.P.'s holdings in Cenovus Energy were worth $264,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CVE. Mackenzie Financial Corp increased its position in shares of Cenovus Energy by 56.5% during the first quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock valued at $270,742,000 after buying an additional 7,035,004 shares during the period. Vanguard Group Inc. increased its position in shares of Cenovus Energy by 8.8% during the first quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company's stock valued at $757,213,000 after buying an additional 4,401,045 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Cenovus Energy by 33.6% during the first quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company's stock valued at $241,513,000 after buying an additional 4,362,384 shares during the period. Toronto Dominion Bank increased its position in shares of Cenovus Energy by 91.7% during the fourth quarter. Toronto Dominion Bank now owns 7,233,491 shares of the oil and gas company's stock valued at $109,515,000 after buying an additional 3,460,311 shares during the period. Finally, Invesco Ltd. increased its position in shares of Cenovus Energy by 40.2% during the first quarter. Invesco Ltd. now owns 11,281,543 shares of the oil and gas company's stock valued at $156,926,000 after buying an additional 3,237,659 shares during the period. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Price Performance

NYSE CVE traded down $0.31 on Monday, reaching $16.64. 13,377,260 shares of the company's stock traded hands, compared to its average volume of 13,715,070. Cenovus Energy Inc has a 12 month low of $10.23 and a 12 month high of $19.06. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. The stock has a 50-day simple moving average of $14.82 and a 200 day simple moving average of $13.77. The stock has a market cap of $29.92 billion, a PE ratio of 16.47 and a beta of 0.99.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.19. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The business had revenue of $10.66 billion for the quarter, compared to analysts' expectations of $10.64 billion. During the same period last year, the business earned $0.62 earnings per share. The business's quarterly revenue was down 12.6% on a year-over-year basis. As a group, research analysts predict that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Monday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is presently 57.43%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. National Bank Financial upgraded shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. Wall Street Zen upgraded shares of Cenovus Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Veritas cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. National Bankshares upgraded shares of Cenovus Energy from a "sector perform" rating to an "outperform" rating in a research report on Friday, August 22nd. Finally, Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $23.33.

About Cenovus Energy

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.