Cenovus Energy Inc (NYSE:CVE) Shares Sold by Maryland State Retirement & Pension System

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 decreased its holdings in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 27.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio lifted its holdings 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 purchasing an additional 762 shares in the last quarter. Alliancebernstein L.P. lifted its holdings 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 purchasing an additional 779 shares in the last quarter. Guggenheim Capital LLC lifted its holdings 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 purchasing an additional 908 shares in the last quarter. Meridian Investment Counsel Inc. lifted its holdings 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 purchasing an additional 1,000 shares in the last quarter. Finally, SeaBridge Investment Advisors LLC lifted its holdings 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 purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Cenovus Energy Trading Up 0.6%

Shares of CVE traded up $0.09 during midday trading on Wednesday, reaching $14.92. The company had a trading volume of 7,822,872 shares, compared to its average volume of 11,971,743. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $20.03. The stock has a market cap of $26.93 billion, a PE ratio of 14.77 and a beta of 0.97. The firm has a 50 day simple moving average of $14.34 and a 200-day simple moving average of $13.69. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its 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. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%. The business had revenue of $10.66 billion during the quarter, compared to the consensus estimate of $10.64 billion. During the same period last year, the company earned $0.62 EPS. The company's revenue for the quarter was down 12.6% on a year-over-year basis. Research analysts forecast that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $0.20 per share. 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 is 57.43%.

Wall Street Analysts Forecast Growth

CVE has been the topic of a number of research reports. Wall Street Zen upgraded Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Royal Bank Of Canada raised 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 lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. The Goldman Sachs Group decreased their price objective on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cenovus Energy presently has an average 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.