Cenovus Energy Inc $CVE Stock Holdings Lessened by Aventail Capital Group LP

Key Points

• Aventail Capital Group LP trimmed its stake in Cenovus by 3.4% in Q3, selling 62,351 shares and now holds 1,771,832 shares valued at about $30.1 million, making CVE its 23rd largest position.
• Several other institutions increased exposure—Ninepoint up 490% to 3.54M shares, Intact up 69.6% to 3.66M shares, and Boston Partners holds 26.85M shares—leaving institutional ownership at roughly 51.19%.
• Analysts have a consensus rating of "Moderate Buy" with a $29.67 price target; Cenovus beat Q earnings ($0.36 vs. $0.28) and announced a $0.20 quarterly dividend (annualized yield ~3.4%).

Aventail Capital Group LP cut its holdings in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 3.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,771,832 shares of the oil and gas company's stock after selling 62,351 shares during the period. Cenovus Energy comprises approximately 1.4% of Aventail Capital Group LP's holdings, making the stock its 23rd biggest position. Aventail Capital Group LP owned 0.10% of Cenovus Energy worth $30,103,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of CVE. Ninepoint Partners LP grew its holdings in shares of Cenovus Energy by 490.0% during the third quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company's stock valued at $60,145,000 after purchasing an additional 2,940,000 shares during the last quarter. Intact Investment Management Inc. lifted its holdings in shares of Cenovus Energy by 69.6% in the 3rd quarter. Intact Investment Management Inc. now owns 3,655,878 shares of the oil and gas company's stock worth $62,081,000 after purchasing an additional 1,500,590 shares during the last quarter. Boston Partners grew its stake in Cenovus Energy by 2.3% during the 2nd quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company's stock worth $365,097,000 after buying an additional 606,042 shares during the last quarter. Swiss National Bank grew its stake in Cenovus Energy by 6.6% during the 2nd quarter. Swiss National Bank now owns 4,156,435 shares of the oil and gas company's stock worth $56,341,000 after buying an additional 257,600 shares during the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in Cenovus Energy in the second quarter worth $74,895,000. Institutional investors own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Veritas upgraded Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a research note on Tuesday, March 10th. Royal Bank Of Canada upped their price target on shares of Cenovus Energy from $29.00 to $31.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 18th. Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a report on Thursday, November 20th. Zacks Research lowered shares of Cenovus Energy from a "hold" rating to a "strong sell" rating in a research note on Friday, February 20th. Finally, JPMorgan Chase & Co. restated a "neutral" rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cenovus Energy has a consensus rating of "Moderate Buy" and a consensus price target of $29.67.

Cenovus Energy Trading Down 1.6%

NYSE:CVE opened at $23.23 on Friday. The stock has a market cap of $43.67 billion, a price-to-earnings ratio of 15.18 and a beta of 0.43. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.04 and a current ratio of 1.57. Cenovus Energy Inc has a 1 year low of $10.23 and a 1 year high of $24.06. The business has a fifty day moving average of $20.40 and a 200-day moving average of $18.36.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.28 by $0.08. The business had revenue of $9.44 billion for the quarter, compared to analysts' expectations of $10.89 billion. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. During the same period in the previous year, the business earned $0.07 earnings per share. Equities analysts predict that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 annualized dividend and a yield of 3.4%. Cenovus Energy's dividend payout ratio (DPR) is presently 37.91%.

Cenovus Energy 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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