Canada Pension Plan Investment Board Reduces Position in Cenovus Energy Inc $CVE

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Cenovus Energy Inc by 43.5%, now holding approximately 3.67 million shares worth about $51 million.
• Cenovus Energy recently reported an earnings per share (EPS) of $0.33 for the last quarter, exceeding analyst expectations of $0.14, although revenue fell 12.6% year-over-year.
• The company announced a quarterly dividend of $0.20 per share, yielding 4.8%, with the ex-dividend date set for September 15th.

Canada Pension Plan Investment Board trimmed its position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 43.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,671,695 shares of the oil and gas company's stock after selling 2,826,547 shares during the period. Canada Pension Plan Investment Board owned about 0.20% of Cenovus Energy worth $51,038,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC purchased a new stake in shares of Cenovus Energy in the 1st quarter valued at approximately $38,000. Caitong International Asset Management Co. Ltd acquired a new position in Cenovus Energy during the first quarter worth approximately $42,000. Cromwell Holdings LLC lifted its holdings in Cenovus Energy by 1,165.1% in the 1st quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock worth $42,000 after buying an additional 2,808 shares in the last quarter. Clarius Group LLC bought a new position in Cenovus Energy during the 1st quarter worth approximately $150,000. Finally, Black Maple Capital Management LP acquired a new position in shares of Cenovus Energy during the fourth quarter valued at $167,000. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Jefferies Financial Group reaffirmed a "buy" rating on shares of Cenovus Energy in a research note on Tuesday. UBS Group reaffirmed a "buy" rating on shares of Cenovus Energy in a research report on Monday, August 25th. National Bankshares raised shares of Cenovus Energy from a "sector perform" rating to an "outperform" rating in a report on Friday, August 22nd. Veritas downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, Royal Bank Of Canada lifted their price target on Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $23.33.

Cenovus Energy Stock Performance

Shares of CVE stock traded up $0.05 during trading hours on Thursday, hitting $16.54. 8,770,065 shares of the company were exchanged, compared to its average volume of 12,172,012. Cenovus Energy Inc has a 52-week low of $10.23 and a 52-week high of $18.61. The firm has a fifty day simple moving average of $14.94 and a 200 day simple moving average of $13.81. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $29.76 billion, a price-to-earnings ratio of 16.37 and a beta of 0.99.

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

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Monday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is 56.44%.

Cenovus Energy Company 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.