Cenovus Energy Inc (NYSE:CVE) Shares Sold 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. reduced its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 58.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bruce G. Allen Investments LLC acquired a new position in shares of Cenovus Energy during the first quarter worth about $38,000. Cromwell Holdings LLC boosted its holdings in Cenovus Energy by 1,165.1% in the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock valued at $42,000 after purchasing an additional 2,808 shares in the last quarter. Natixis acquired a new position in Cenovus Energy in the fourth quarter valued at approximately $98,000. Clarius Group LLC acquired a new position in Cenovus Energy in the first quarter valued at approximately $150,000. Finally, SeaBridge Investment Advisors LLC boosted its holdings in Cenovus Energy by 10.0% in the first quarter. SeaBridge Investment Advisors LLC now owns 11,000 shares of the oil and gas company's stock valued at $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.

Cenovus Energy Price Performance

NYSE:CVE traded up $0.37 during trading hours on Tuesday, hitting $14.87. The company's stock had a trading volume of 13,813,645 shares, compared to its average volume of 11,972,442. The business's 50-day moving average is $14.32 and its two-hundred day moving average is $13.68. The company has a market capitalization of $26.84 billion, a PE ratio of 14.71 and a beta of 0.97. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32. Cenovus Energy Inc has a 52-week low of $10.23 and a 52-week high of $20.03.

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 analysts' consensus estimates of $0.14 by $0.19. The firm 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 quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.62 EPS. As a group, research analysts anticipate that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CVE shares. Royal Bank Of Canada increased their price objective on Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Veritas downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. National Bankshares reissued a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Finally, The Goldman Sachs Group decreased their price objective on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Five 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 company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.