Cenovus Energy Inc $CVE Stock Sold by M&G PLC

Key Points

• M&G PLC reduced its Cenovus Energy stake by 12.7%, selling 107,715 shares in the third quarter; it retained 741,383 shares valued at about $23.0 million.
• Other institutional investors made mixed moves, including new positions from GQG Partners and Alberta Investment Management; institutions collectively own 51.19% of the stock.
• Cenovus declared a quarterly dividend of C$0.22 per share, equivalent to a 3.2% yield. Analysts’ consensus rating was “Buy,” with a $39 average price target.

M&G PLC cut its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 12.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 741,383 shares of the oil and gas company's stock after selling 107,715 shares during the quarter. M&G PLC's holdings in Cenovus Energy were worth $23,042,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. HighTower Advisors LLC increased its position in Cenovus Energy by 45.8% during the 2nd quarter. HighTower Advisors LLC now owns 102,666 shares of the oil and gas company's stock valued at $2,547,000 after buying an additional 32,250 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in Cenovus Energy in the second quarter valued at about $17,275,000. Beverly Hills Private Wealth LLC purchased a new stake in Cenovus Energy in the second quarter valued at about $2,678,000. GQG Partners LLC acquired a new stake in Cenovus Energy in the second quarter worth about $411,552,000. Finally, Alberta Investment Management Corp acquired a new stake in Cenovus Energy in the second quarter worth about $143,730,000. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Price Performance

NYSE:CVE opened at $27.57 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The firm has a market cap of $50.09 billion, a price-to-earnings ratio of 8.13 and a beta of 0.38. The company has a 50 day moving average price of $31.85 and a 200-day moving average price of $27.71. Cenovus Energy Inc has a 1-year low of $15.63 and a 1-year high of $34.16.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a dividend of C$0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, December 15th. Cenovus Energy's dividend payout ratio (DPR) is currently 18.88%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Raymond James Financial reaffirmed an "outperform" rating on shares of Cenovus Energy in a report on Wednesday, October 14th. Zacks Research raised shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, September 28th. UBS Group lowered shares of Cenovus Energy from a "buy" rating to a "hold" rating in a report on Wednesday, September 2nd. JPMorgan Chase & Co. raised Cenovus Energy from a "neutral" rating to an "overweight" rating in a research report on Tuesday, September 8th. Finally, Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Cenovus Energy in a research note on Thursday, August 27th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Cenovus Energy currently has an average rating of "Buy" and a consensus price target of $39.00.

Cenovus Energy Profile

Cenovus Energy is an integrated energy company headquartered in Calgary, Alberta. Its activities include producing oil and natural gas, processing oil sands, refining crude oil and marketing energy products.

The company's upstream operations include oil sands and conventional assets in Western Canada, as well as offshore production. Its downstream business operates refineries in Canada and the United States, helping connect its production with markets for refined products.

Cenovus was created in 2009 when Encana separated its integrated oil business.

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