Maryland State Retirement & Pension System Sells 71,306 Shares of Cenovus Energy Inc (NYSE:CVE)

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Cenovus Energy by 27.5%, now owning approximately 187,819 shares valued at $2.61 million.
• Cenovus Energy recently declared a dividend increase from $0.11 to $0.20 per share, resulting in a significant yield of 425.0%.
• Cenovus Energy's latest earnings report indicated $0.33 earnings per share, exceeding analyst expectations, although revenue was down 12.6% year-over-year.

Maryland State Retirement & Pension System lessened its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 27.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 187,819 shares of the oil and gas company's stock after selling 71,306 shares during the period. Maryland State Retirement & Pension System's holdings in Cenovus Energy were worth $2,610,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bruce G. Allen Investments LLC acquired a new stake in Cenovus Energy during the 1st quarter worth about $38,000. Cromwell Holdings LLC raised its holdings in Cenovus Energy by 1,165.1% during the 1st quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock worth $42,000 after buying an additional 2,808 shares during the period. Natixis acquired a new stake in Cenovus Energy during the 4th quarter worth about $98,000. Clarius Group LLC acquired a new stake in Cenovus Energy during the 1st quarter worth about $150,000. Finally, SeaBridge Investment Advisors LLC raised its holdings in Cenovus Energy by 10.0% during the 1st quarter. SeaBridge Investment Advisors LLC now owns 11,000 shares of the oil and gas company's stock worth $153,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CVE shares. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Wall Street Zen upgraded Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. National Bankshares reiterated a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. Veritas downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, The Goldman Sachs Group dropped their target price on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Five 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 company. Based on data from MarketBeat.com, Cenovus Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.33.

Cenovus Energy Stock Up 1.2%

Shares of NYSE CVE traded up $0.17 during trading hours on Friday, hitting $14.88. The stock had a trading volume of 10,159,000 shares, compared to its average volume of 12,754,579. The company has a market capitalization of $26.87 billion, a P/E ratio of 14.73 and a beta of 0.97. The firm's 50-day moving average price is $14.29 and its two-hundred day moving average price is $13.68. 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 quick ratio of 0.78 and a current ratio of 1.32.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings results 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 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 in the previous year, the business posted $0.62 EPS. Analysts anticipate that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently declared a dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a $0.20 dividend. This represents a dividend 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 (DPR) is presently 57.43%.

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.