Cenovus Energy Inc $CVE Shares Sold by Capital International Investors

Key Points

• Capital International Investors cut its stake in Cenovus by 19.7%, selling 12,045,606 shares and now owning 49,075,708 shares (about 2.78% of the company, valued at ~$833.5M).
• Cenovus topped quarterly EPS estimates ($0.36 vs. $0.28) but missed revenue expectations ($9.44B vs. $10.89B); shares trade near $22.63 and the consensus analyst rating is a Moderate Buy with a $27.33 price target.
• The company announced a quarterly dividend of $0.20 ($0.80 annualized), implying a ~3.5% yield, with an ex-dividend date of March 13 and payment on March 31.

Capital International Investors decreased its position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 19.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 49,075,708 shares of the oil and gas company's stock after selling 12,045,606 shares during the period. Capital International Investors owned approximately 2.78% of Cenovus Energy worth $833,530,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new position in shares of Cenovus Energy during the second quarter worth approximately $27,000. Allworth Financial LP increased its position in Cenovus Energy by 104.3% in the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company's stock valued at $31,000 after acquiring an additional 1,168 shares during the period. Geneos Wealth Management Inc. raised its stake in Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock valued at $44,000 after acquiring an additional 1,384 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Cenovus Energy by 57.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company's stock valued at $67,000 after acquiring an additional 1,800 shares in the last quarter. Finally, Advisors Asset Management Inc. acquired a new position in Cenovus Energy during the 2nd quarter worth $78,000. Institutional investors and hedge funds own 51.19% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CVE. The Goldman Sachs Group reissued a "buy" rating and issued a $22.00 price target on shares of Cenovus Energy in a research note on Monday, February 2nd. Wall Street Zen downgraded shares of Cenovus Energy from a "buy" rating to a "hold" rating in a report on Monday, February 23rd. Veritas lowered shares of Cenovus Energy from a "hold" rating to a "strong sell" rating in a research report on Monday, February 23rd. Weiss Ratings reissued a "hold (c)" rating on shares of Cenovus Energy in a research note on Tuesday, January 27th. Finally, JPMorgan Chase & Co. restated a "neutral" rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Cenovus Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.33.

Cenovus Energy Trading Down 0.8%

Shares of Cenovus Energy stock opened at $22.63 on Wednesday. The business has a fifty day simple moving average of $20.02 and a 200-day simple moving average of $18.23. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $23.89. The firm has a market cap of $42.55 billion, a price-to-earnings ratio of 14.79 and a beta of 0.43. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.08. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $10.89 billion. During the same period in the previous year, the company earned $0.07 earnings per share. On average, equities analysts forecast that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Friday, March 13th. Cenovus Energy's dividend payout ratio (DPR) is presently 37.25%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.