Cenovus Energy Inc (NYSE:CVE) Shares Sold by Natixis Advisors LLC

Key Points

• Natixis Advisors LLC significantly reduced its stake in Cenovus Energy by 51.8%, selling over 45,000 shares in the first quarter, resulting in a holding of 42,262 shares worth $588,000.
• Cenovus Energy recently announced a dividend increase from $0.11 to $0.20 per share, representing a substantial dividend yield of 425.0%.
• The company reported a Q2 earnings per share of $0.33, exceeding analysts' expectations of $0.14, despite a 12.6% decline in revenue compared to the previous year.

Natixis Advisors LLC cut its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 51.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,262 shares of the oil and gas company's stock after selling 45,392 shares during the quarter. Natixis Advisors LLC's holdings in Cenovus Energy were worth $588,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bruce G. Allen Investments LLC acquired a new stake in shares of Cenovus Energy in the 1st quarter worth $38,000. Cromwell Holdings LLC boosted its position in shares of Cenovus Energy by 1,165.1% in the 1st quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock worth $42,000 after purchasing an additional 2,808 shares in the last quarter. Natixis acquired a new stake in shares of Cenovus Energy in the 4th quarter worth $98,000. Clarius Group LLC acquired a new stake in shares of Cenovus Energy in the 1st quarter worth $150,000. Finally, SeaBridge Investment Advisors LLC boosted its position in shares of Cenovus Energy by 10.0% in the 1st quarter. SeaBridge Investment Advisors LLC now owns 11,000 shares of the oil and gas company's stock worth $153,000 after purchasing an additional 1,000 shares in the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. The Goldman Sachs Group lowered their price target on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Royal Bank Of Canada lifted their price target on Cenovus Energy from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. National Bankshares reaffirmed a "sector perform" rating on shares of Cenovus Energy in a research report on Friday, April 25th. Finally, Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.33.

Cenovus Energy Price Performance

NYSE:CVE traded down $0.09 during trading hours on Friday, hitting $15.04. 7,425,989 shares of the stock were exchanged, compared to its average volume of 13,300,274. Cenovus Energy Inc has a 52-week low of $10.23 and a 52-week high of $20.03. The firm's fifty day moving average price is $14.45 and its 200 day moving average price is $13.70. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. The company has a market cap of $27.05 billion, a P/E ratio of 14.89 and a beta of 0.97.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.14 by $0.19. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%. The company had revenue of $10.66 billion during the quarter, compared to analyst estimates of $10.64 billion. During the same period in the previous year, the business earned $0.62 EPS. Cenovus Energy's quarterly revenue was down 12.6% on a year-over-year basis. As a group, equities research analysts anticipate that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently announced a dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, June 13th. This represents a dividend yield of 425.0%. This is an increase from Cenovus Energy's previous dividend of $0.11. Cenovus Energy's payout ratio is presently 57.43%.

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.