Addenda Capital Inc. Has $4.61 Million Holdings in Cenovus Energy Inc $CVE

Key Points

• Addenda Capital Inc. reduced its stake in Cenovus Energy by 4.9%, now holding 338,935 shares worth $4.61 million after selling 17,570 shares in the second quarter.
• Several hedge funds, including Mackenzie Financial Corp. and Cambridge Investment Research Advisors Inc., significantly increased their investments in Cenovus Energy during the first quarter.
• Cenovus Energy recently announced a quarterly dividend of $0.20 per share, reflecting a 4.5% yield and a payout ratio of 57.43%.

Addenda Capital Inc. cut its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 4.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 338,935 shares of the oil and gas company's stock after selling 17,570 shares during the period. Addenda Capital Inc.'s holdings in Cenovus Energy were worth $4,610,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CVE. Mackenzie Financial Corp increased its stake in shares of Cenovus Energy by 56.5% in the first quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock worth $270,742,000 after purchasing an additional 7,035,004 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in shares of Cenovus Energy by 185.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 48,103 shares of the oil and gas company's stock worth $669,000 after purchasing an additional 31,265 shares in the last quarter. U.S. Capital Wealth Advisors LLC grew its position in Cenovus Energy by 68.2% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 655,133 shares of the oil and gas company's stock worth $9,113,000 after acquiring an additional 265,638 shares in the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of Cenovus Energy in the 1st quarter worth $1,907,000. Finally, LPL Financial LLC raised its holdings in shares of Cenovus Energy by 71.1% in the first quarter. LPL Financial LLC now owns 215,847 shares of the oil and gas company's stock worth $3,002,000 after buying an additional 89,660 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company's stock.

Analyst Ratings Changes

CVE has been the subject of several recent research reports. Wall Street Zen upgraded Cenovus Energy from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. National Bank Financial raised shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. Jefferies Financial Group reaffirmed a "buy" rating on shares of Cenovus Energy in a report on Tuesday, September 2nd. National Bankshares restated an "outperform" rating on shares of Cenovus Energy in a research report on Wednesday, September 10th. Finally, UBS Group restated a "buy" rating on shares of Cenovus Energy in a report on Monday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $23.33.

Cenovus Energy Stock Performance

CVE stock opened at $17.76 on Friday. The company has a market cap of $31.74 billion, a P/E ratio of 17.58 and a beta of 0.99. Cenovus Energy Inc has a 1 year low of $10.23 and a 1 year high of $18.61. 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's fifty day moving average price is $15.93 and its 200-day moving average price is $14.20.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. The company had revenue of $10.66 billion during the quarter, compared to the consensus estimate of $10.64 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. Cenovus Energy's revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.62 earnings per share. On average, equities analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.5%. The ex-dividend date is Monday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is currently 57.43%.

Cenovus Energy 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.

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