Tidal Investments LLC Sells 114,125 Shares of Cenovus Energy Inc $CVE

Key Points

• Tidal Investments reduced its Cenovus Energy stake by 21.9% in the second quarter, selling 114,125 shares and retaining 408,165 shares valued at approximately $10.1 million. Institutional investors collectively own 51.19% of the company.
• Cenovus reported quarterly EPS of $1.11, in line with estimates, while revenue rose 47.9% year over year to $14.59 billion, exceeding analyst expectations of $11.87 billion.
• The company declared a quarterly dividend of $0.22 per share, equivalent to an annualized $0.88 payout and a 2.7% yield. Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $39.

Tidal Investments LLC lowered its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 21.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 408,165 shares of the oil and gas company's stock after selling 114,125 shares during the quarter. Tidal Investments LLC's holdings in Cenovus Energy were worth $10,124,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Orion Capital Management LLC bought a new stake in Cenovus Energy during the 2nd quarter valued at $25,000. Transamerica Financial Advisors LLC grew its holdings in shares of Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 1,433 shares in the last quarter. Gables Capital Management Inc. bought a new position in shares of Cenovus Energy in the 2nd quarter worth $35,000. Kestra Advisory Services LLC bought a new position in Cenovus Energy in the fourth quarter valued at $38,000. Finally, Geneos Wealth Management Inc. raised its holdings in shares of Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock valued at $44,000 after buying an additional 1,384 shares in the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $33.08 on Friday. The stock's 50-day simple moving average is $30.00 and its 200-day simple moving average is $27.63. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $34.16. The company has a market capitalization of $60.94 billion, a price-to-earnings ratio of 12.72 and a beta of 0.35.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. During the same period last year, the firm posted $0.45 EPS. The company's revenue was up 47.9% on a year-over-year basis. As a group, analysts expect that Cenovus Energy Inc will post 3.35 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is currently 24.23%.

Wall Street Analyst Weigh In

CVE has been the subject of a number of recent research reports. Royal Bank Of Canada boosted their target price on Cenovus Energy from $47.00 to $51.00 and gave the company an "outperform" rating in a research note on Thursday, July 30th. Gerdes Energy Research upgraded Cenovus Energy from a "neutral" rating to a "buy" rating and set a $50.00 price target for the company in a report on Wednesday, September 2nd. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Cenovus Energy in a report on Thursday, August 27th. Desjardins upgraded shares of Cenovus Energy to a "moderate buy" rating in a research note on Thursday, July 16th. Finally, Wall Street Zen downgraded Cenovus Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 5th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Cenovus Energy currently has a consensus rating of "Moderate Buy" and an average price target of $39.00.

Cenovus Energy 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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