Cenovus Energy Inc (NYSE:CVE) Stock Position Cut by PCJ Investment Counsel Ltd.

Key Points

• PCJ Investment Counsel Ltd. reduced its stake in Cenovus Energy by 58.8% in Q1, selling 110,510 shares and leaving them with 77,300 shares valued at approximately $1,074,000.
• Cenovus Energy reported $0.33 earnings per share for the last quarter, exceeding analysts' estimates, although revenue was down 12.6% year-over-year.
• The company recently increased its dividend to $0.20, achieving a significant yield of 425.0%, compared to the previous dividend of $0.11.

PCJ Investment Counsel Ltd. lessened its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 58.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 77,300 shares of the oil and gas company's stock after selling 110,510 shares during the period. PCJ Investment Counsel Ltd.'s holdings in Cenovus Energy were worth $1,074,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Public Employees Retirement System of Ohio grew its position in Cenovus Energy by 0.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 241,113 shares of the oil and gas company's stock valued at $3,653,000 after buying an additional 762 shares in the last quarter. Alliancebernstein L.P. grew its position in Cenovus Energy by 0.7% in the 4th quarter. Alliancebernstein L.P. now owns 106,532 shares of the oil and gas company's stock valued at $1,614,000 after buying an additional 779 shares in the last quarter. Guggenheim Capital LLC grew its position in Cenovus Energy by 4.5% in the 4th quarter. Guggenheim Capital LLC now owns 20,974 shares of the oil and gas company's stock valued at $318,000 after buying an additional 908 shares in the last quarter. Meridian Investment Counsel Inc. grew its position in Cenovus Energy by 4.9% in the 1st quarter. Meridian Investment Counsel Inc. now owns 21,275 shares of the oil and gas company's stock valued at $296,000 after buying an additional 1,000 shares in the last quarter. Finally, SeaBridge Investment Advisors LLC grew its position in 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 valued at $153,000 after buying an additional 1,000 shares in the last quarter. Institutional investors own 51.19% of the company's stock.

Cenovus Energy Price Performance

CVE stock opened at $14.71 on Friday. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc has a one year low of $10.23 and a one year high of $20.03. The firm has a market capitalization of $26.56 billion, a PE ratio of 14.56 and a beta of 0.97. The firm has a 50-day moving average of $14.26 and a two-hundred day moving average of $13.70.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. The business had revenue of $10.66 billion during the quarter, compared to analyst estimates of $10.64 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The firm's revenue was down 12.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.62 earnings per share. On average, analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently declared a dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a $0.20 dividend. This represents a dividend yield of 425.0%. This is a positive change from Cenovus Energy's previous dividend of $0.11. The ex-dividend date of this dividend was Friday, June 13th. Cenovus Energy's payout ratio is currently 57.43%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CVE shares. Wall Street Zen upgraded shares of Cenovus Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. The Goldman Sachs Group reduced their price objective on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a research report on Friday, April 25th. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research report on Tuesday, April 15th. Finally, Royal Bank Of Canada raised their price objective on shares of Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.33.

Cenovus Energy Company Profile

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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