Public Employees Retirement System of Ohio Sells 239,366 Shares of Cenovus Energy Inc $CVE

Key Points

• The Public Employees Retirement System of Ohio reduced its stake in Cenovus Energy Inc by 51.9%, selling 239,366 shares in the second quarter, leaving them with 221,833 shares worth approximately $3,014,000.
• Cenovus Energy reported earnings of $0.33 per share for the last quarter, surpassing analysts' expectations, despite a 12.6% year-over-year decline in revenue.
• The company announced a quarterly dividend of $0.20 per share, resulting in an annualized dividend yield of 4.8%, with a payout ratio of 57.43%.

Public Employees Retirement System of Ohio lowered its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 51.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 221,833 shares of the oil and gas company's stock after selling 239,366 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Cenovus Energy were worth $3,014,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in CVE. Foundation Resource Management Inc. boosted its position in Cenovus Energy by 3.8% during the first quarter. Foundation Resource Management Inc. now owns 451,615 shares of the oil and gas company's stock worth $6,282,000 after purchasing an additional 16,351 shares during the period. Bruce G. Allen Investments LLC bought a new stake in Cenovus Energy during the first quarter worth approximately $38,000. Elevation Point Wealth Partners LLC boosted its position in Cenovus Energy by 14.8% during the first quarter. Elevation Point Wealth Partners LLC now owns 24,988 shares of the oil and gas company's stock worth $348,000 after purchasing an additional 3,213 shares during the period. Keystone Wealth Services LLC boosted its position in Cenovus Energy by 28.6% during the first quarter. Keystone Wealth Services LLC now owns 15,408 shares of the oil and gas company's stock worth $214,000 after purchasing an additional 3,428 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in Cenovus Energy by 20.8% during the first quarter. Janney Montgomery Scott LLC now owns 54,405 shares of the oil and gas company's stock worth $757,000 after purchasing an additional 9,376 shares during the period. Institutional investors own 51.19% of the company's stock.

Cenovus Energy Stock Performance

Shares of NYSE CVE opened at $16.75 on Thursday. The business has a fifty day simple moving average of $16.09 and a 200 day simple moving average of $14.27. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $29.93 billion, a price-to-earnings ratio of 16.58 and a beta of 0.92. Cenovus Energy Inc has a one year low of $10.23 and a one year high of $18.61.

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 EPS for the quarter, beating analysts' consensus estimates 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%.Cenovus Energy's revenue was down 12.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 earnings per share. Sell-side analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Monday, September 15th. Cenovus Energy's dividend payout ratio is presently 57.43%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CVE. National Bankshares reaffirmed an "outperform" rating on shares of Cenovus Energy in a research report on Wednesday, September 10th. UBS Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Monday, August 25th. National Bank Financial upgraded Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. Wall Street Zen upgraded Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Cenovus Energy has an average rating of "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.

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