Renaissance Technologies LLC Trims Holdings in Cenovus Energy Inc $CVE

Key Points

• Renaissance Technologies cut its Cenovus Energy stake by 72.9% in the first quarter, selling 3.85 million shares and retaining 1.43 million shares worth about $37.9 million. Institutional investors collectively own 51.19% of the company.
• Analysts maintain a generally positive view, with Cenovus carrying a consensus “Buy” rating and a target price of $35.25. Recent ratings included upgrades from Scotiabank and Desjardins, alongside downgrades from Raymond James, Zacks Research, and Wall Street Zen.
• Cenovus reported quarterly EPS of $0.61, exceeding estimates by $0.05, while revenue reached $10.79 billion. The company also raised its quarterly dividend to $0.22 per share, equivalent to an annualized $0.88 dividend and a 3.1% yield.

Renaissance Technologies LLC trimmed its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 72.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,427,294 shares of the oil and gas company's stock after selling 3,845,400 shares during the quarter. Renaissance Technologies LLC owned 0.08% of Cenovus Energy worth $37,866,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Capital Research Global Investors increased its position in shares of Cenovus Energy by 16.6% during the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company's stock valued at $2,103,090,000 after buying an additional 17,730,542 shares during the period. Vanguard Group Inc. boosted its position in shares of Cenovus Energy by 12.8% in the fourth quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company's stock valued at $1,074,660,000 after acquiring an additional 7,197,843 shares during the period. Capital International Investors grew its stake in Cenovus Energy by 3.9% during the fourth quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company's stock valued at $862,505,000 after acquiring an additional 1,903,432 shares in the last quarter. FIL Ltd grew its stake in Cenovus Energy by 40.0% during the fourth quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company's stock valued at $651,880,000 after acquiring an additional 11,019,212 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Cenovus Energy by 5.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 18,018,995 shares of the oil and gas company's stock worth $304,894,000 after acquiring an additional 855,618 shares during the period. Institutional investors own 51.19% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Scotiabank raised shares of Cenovus Energy to a "strong-buy" rating in a report on Friday, June 26th. Raymond James Financial cut shares of Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a report on Wednesday, May 6th. Wall Street Zen downgraded Cenovus Energy from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Desjardins raised Cenovus Energy to a "moderate buy" rating in a research note on Thursday, July 16th. Finally, Zacks Research cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 16th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Cenovus Energy presently has a consensus rating of "Buy" and a consensus target price of $35.25.

Cenovus Energy Trading Down 4.3%

NYSE CVE opened at $28.03 on Tuesday. Cenovus Energy Inc has a 1-year low of $14.48 and a 1-year high of $32.07. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The stock has a 50-day moving average of $27.39 and a 200-day moving average of $24.91. The firm has a market cap of $52.16 billion, a PE ratio of 15.40 and a beta of 0.34.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.05. The firm had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The business's revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.47 earnings per share. As a group, sell-side analysts forecast that Cenovus Energy Inc will post 3.02 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a dividend of $0.22 per share. The ex-dividend date was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 3.1%. This is an increase from Cenovus Energy's previous quarterly dividend of $0.20. Cenovus Energy's dividend payout ratio (DPR) is currently 34.62%.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

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