Cenovus Energy Inc $CVE Shares Sold by Addenda Capital Inc.

Addenda Capital Inc. lessened its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 56.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 279,994 shares of the oil and gas company's stock after selling 362,610 shares during the quarter. Addenda Capital Inc.'s holdings in Cenovus Energy were worth $6,947,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in CVE. Capital Research Global Investors raised its stake in Cenovus Energy by 16.6% in the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company's stock valued at $2,103,090,000 after purchasing an additional 17,730,542 shares during the last quarter. Capital International Investors raised its holdings in shares of Cenovus Energy by 3.9% during the 4th quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company's stock worth $862,505,000 after acquiring an additional 1,903,432 shares during the period. FIL Ltd boosted its position in shares of Cenovus Energy by 40.0% during the 4th quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company's stock valued at $651,880,000 after acquiring an additional 11,019,212 shares during the last quarter. Bank of America Corp DE increased its position in Cenovus Energy by 111.2% during the first quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company's stock worth $604,107,000 after purchasing an additional 11,990,405 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Cenovus Energy by 5.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 18,018,995 shares of the oil and gas company's stock worth $304,894,000 after purchasing an additional 855,618 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. The Goldman Sachs Group reissued a "buy" rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. Scotiabank reaffirmed an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Raymond James Financial cut Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a research note on Wednesday, May 6th. Weiss Ratings raised Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Finally, Zacks Research lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $36.25.

Cenovus Energy Price Performance

Shares of CVE opened at $31.60 on Monday. The company has a market cap of $58.44 billion, a P/E ratio of 12.15 and a beta of 0.34. Cenovus Energy Inc has a fifty-two week low of $15.63 and a fifty-two week high of $33.40. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The firm's 50 day moving average price is $28.40 and its 200 day moving average price is $26.91.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, hitting the consensus estimate of $1.11. The business had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company's quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 earnings per share. On average, research analysts forecast that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.8%. Cenovus Energy's payout ratio is currently 24.62%.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

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