Merewether Investment Management LP Has $65.32 Million Holdings in Cenovus Energy Inc. (NYSE:CVE)

Merewether Investment Management LP lessened its stake in shares of Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 11.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,311,674 shares of the oil and gas company's stock after selling 584,524 shares during the period. Cenovus Energy comprises 2.6% of Merewether Investment Management LP's investment portfolio, making the stock its 11th largest holding. Merewether Investment Management LP owned about 0.24% of Cenovus Energy worth $65,322,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of CVE. Franklin Resources Inc. lifted its position in shares of Cenovus Energy by 105.0% in the fourth quarter. Franklin Resources Inc. now owns 4,337,551 shares of the oil and gas company's stock worth $65,667,000 after purchasing an additional 2,221,549 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Cenovus Energy by 4.9% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,226,155 shares of the oil and gas company's stock worth $79,176,000 after buying an additional 245,302 shares during the last quarter. Amundi increased its holdings in Cenovus Energy by 1.7% in the fourth quarter. Amundi now owns 4,678,976 shares of the oil and gas company's stock worth $71,775,000 after buying an additional 77,548 shares during the last quarter. Alberta Investment Management Corp increased its holdings in Cenovus Energy by 10.1% in the fourth quarter. Alberta Investment Management Corp now owns 4,494,400 shares of the oil and gas company's stock worth $68,094,000 after buying an additional 411,000 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Cenovus Energy in the fourth quarter worth approximately $3,649,000. Institutional investors and hedge funds own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CVE. National Bank Financial downgraded Cenovus Energy from an "outperform" rating to a "sector perform" rating in a report on Friday, February 21st. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a report on Tuesday, April 15th. The Goldman Sachs Group dropped 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. Royal Bank of Canada restated an "outperform" rating and issued a $25.00 price objective on shares of Cenovus Energy in a report on Friday, April 11th. Finally, National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $25.75.

Cenovus Energy Stock Up 3.6%

Shares of NYSE CVE opened at $13.71 on Tuesday. The stock has a market cap of $24.99 billion, a PE ratio of 11.33 and a beta of 0.95. The business has a fifty day moving average of $12.60 and a two-hundred day moving average of $14.27. Cenovus Energy Inc. has a 52-week low of $10.23 and a 52-week high of $21.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.03. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The company had revenue of $11.15 billion during the quarter, compared to analyst estimates of $12.39 billion. During the same period last year, the company posted $0.62 earnings per share. As a group, equities research analysts expect that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.1269 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.70%. Cenovus Energy's dividend payout ratio (DPR) is presently 51.40%.

Cenovus Energy 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.

Want to see what other hedge funds are holding CVE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.