Cenovus Energy Inc $CVE Shares Sold by Guinness Asset Management LTD

Key Points

• Guinness Asset Management LTD reduced its stake in Cenovus Energy Inc by 20.0%, selling 116,154 shares and holding 465,892 shares after the transaction.
• Cenovus Energy's recent earnings report revealed an EPS of $0.33, exceeding the consensus estimate of $0.14, although its revenue declined 12.6% year-over-year.
• The company declared a quarterly dividend of $0.20 per share, providing an annual yield of 4.7% to shareholders.

Guinness Asset Management LTD lessened its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 20.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 465,892 shares of the oil and gas company's stock after selling 116,154 shares during the quarter. Guinness Asset Management LTD's holdings in Cenovus Energy were worth $6,456,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CVE. Northern Trust Corp raised its stake in shares of Cenovus Energy by 50.0% during the 4th quarter. Northern Trust Corp now owns 946,644 shares of the oil and gas company's stock worth $14,342,000 after buying an additional 315,339 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Cenovus Energy by 37.9% during the 4th quarter. Ameriprise Financial Inc. now owns 92,386 shares of the oil and gas company's stock worth $1,400,000 after buying an additional 25,377 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Cenovus Energy by 8.7% during the 4th quarter. Cetera Investment Advisers now owns 46,096 shares of the oil and gas company's stock worth $698,000 after buying an additional 3,676 shares during the last quarter. Deutsche Bank AG raised its stake in shares of Cenovus Energy by 4.0% during the 4th quarter. Deutsche Bank AG now owns 1,117,414 shares of the oil and gas company's stock worth $16,929,000 after buying an additional 42,817 shares during the last quarter. Finally, Gotham Asset Management LLC raised its stake in shares of Cenovus Energy by 58.8% during the 4th quarter. Gotham Asset Management LLC now owns 257,797 shares of the oil and gas company's stock worth $3,906,000 after buying an additional 95,447 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Stock Down 0.8%

CVE opened at $16.91 on Friday. 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 market capitalization of $30.41 billion, a price-to-earnings ratio of 16.74 and a beta of 0.99. The business has a 50-day moving average of $15.25 and a two-hundred day moving average of $13.87. Cenovus Energy Inc has a 12 month low of $10.23 and a 12 month high of $18.61.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly 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 during the quarter, compared to analysts' expectations of $10.64 billion. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.The firm's revenue was down 12.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.62 EPS. On average, research analysts expect that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

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 issued a $0.20 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.80 annualized dividend and a yield of 4.7%. Cenovus Energy's payout ratio is 57.43%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CVE shares. Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Jefferies Financial Group reissued a "buy" rating on shares of Cenovus Energy in a research note on Tuesday, September 2nd. UBS Group reissued a "buy" rating on shares of Cenovus Energy in a research note on Monday, August 25th. National Bankshares reissued an "outperform" rating on shares of Cenovus Energy in a research note on Wednesday. Finally, Royal Bank Of Canada boosted their target price on shares of 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 issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average 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.

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