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Connor Clark & Lunn Investment Management Ltd. Decreases Stock Holdings in Cenovus Energy Inc (NYSE:CVE)

Cenovus Energy logo with Energy background

Key Points

  • Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Cenovus Energy by 49.1%, selling 522,161 shares in the first quarter, leaving it with 542,338 shares valued at approximately $7.5 million.
  • Cenovus Energy recently reported quarterly earnings of $0.33 per share, surpassing analyst expectations, with revenue of $10.66 billion despite a 12.6% decrease compared to the previous year.
  • The company has announced a dividend increase, now paying $0.20 per share, which represents a significant dividend yield of 425.0%, up from the previous $0.11.
  • Looking to export and analyze Cenovus Energy data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 49.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 542,338 shares of the oil and gas company's stock after selling 522,161 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Cenovus Energy were worth $7,539,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CVE. Bruce G. Allen Investments LLC purchased a new stake in Cenovus Energy during the first quarter valued at about $38,000. Cromwell Holdings LLC raised its stake 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 purchased a new stake in Cenovus Energy in the fourth quarter valued at approximately $98,000. Clarius Group LLC purchased a new stake in Cenovus Energy in the first quarter valued at approximately $150,000. Finally, Black Maple Capital Management LP bought a new position in Cenovus Energy during the fourth quarter valued at approximately $167,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Trading Down 0.8%

NYSE:CVE traded down $0.12 during trading hours on Friday, hitting $15.02. The company had a trading volume of 5,897,476 shares, compared to its average volume of 11,960,315. The company has a market capitalization of $27.11 billion, a PE ratio of 14.86 and a beta of 0.97. The stock has a 50-day moving average price of $14.42 and a 200 day moving average price of $13.70. Cenovus Energy Inc has a 52 week low of $10.23 and a 52 week high of $20.03. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, beating the consensus estimate 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 return on equity of 9.06% and a net margin of 5.18%. The company's revenue for the quarter was down 12.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.62 earnings per share. On average, equities research analysts predict that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Royal Bank Of Canada increased their price target 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. Wall Street Zen upgraded shares of Cenovus Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. The Goldman Sachs Group cut their target price on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Finally, Veritas cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $23.33.

Read Our Latest Analysis on Cenovus Energy

About Cenovus Energy

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Cenovus Energy (NYSE:CVE)

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