Engineers Gate Manager LP Sells 731,406 Shares of Cenovus Energy Inc $CVE

Key Points

• Engineers Gate Manager LP reduced its Cenovus Energy stake by 94.6%, selling 731,406 shares and retaining 42,060 shares valued at approximately $1.04 million. Institutional investors collectively own 51.19% of the company.
• Cenovus reported quarterly EPS of $1.11, matching estimates, while revenue reached $14.59 billion—up 47.9% year over year and above expectations.
• The company declared a quarterly dividend of $0.22, equal to an annualized $0.88 payout and a 2.7% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $39.00.

Engineers Gate Manager LP cut its holdings in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 94.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,060 shares of the oil and gas company's stock after selling 731,406 shares during the period. Engineers Gate Manager LP's holdings in Cenovus Energy were worth $1,044,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC boosted its holdings in Cenovus Energy by 45.8% in the second quarter. HighTower Advisors LLC now owns 102,666 shares of the oil and gas company's stock worth $2,547,000 after acquiring an additional 32,250 shares in the last quarter. TD Asset Management Inc grew its holdings in shares of Cenovus Energy by 3.6% during the fourth quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company's stock valued at $287,897,000 after buying an additional 595,518 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new position in shares of Cenovus Energy during the second quarter valued at about $17,275,000. Beverly Hills Private Wealth LLC acquired a new stake in shares of Cenovus Energy in the 2nd quarter worth about $2,678,000. Finally, Alberta Investment Management Corp bought a new position in Cenovus Energy in the 2nd quarter valued at about $143,730,000. Institutional investors own 51.19% of the company's stock.

Cenovus Energy Stock Down 1.0%

CVE stock opened at $32.58 on Friday. The company's 50 day moving average is $30.73 and its 200 day moving average is $28.01. The stock has a market cap of $60.03 billion, a price-to-earnings ratio of 12.53 and a beta of 0.35. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc has a 1-year low of $15.63 and a 1-year high of $34.16.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, hitting analysts' consensus estimates of $1.11. The business had revenue of $14.59 billion during the quarter, compared to analysts' expectations of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business's quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. Sell-side analysts predict that Cenovus Energy Inc will post 3.57 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $0.22 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 annualized dividend and a yield of 2.7%. Cenovus Energy's payout ratio is 24.62%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CVE shares. Weiss Ratings upgraded Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Zacks Research downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 16th. Scotiabank reissued an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Royal Bank Of Canada lifted their target price on Cenovus Energy from $47.00 to $51.00 and gave the stock an "outperform" rating in a research note on Thursday, July 30th. Finally, Raymond James Financial reissued an "outperform" rating on shares of Cenovus Energy in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Cenovus Energy has a consensus rating of "Moderate Buy" and an average target price of $39.00.

Cenovus Energy Company Profile

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.

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