Harvey Investment Co. LLC lowered its stake in Cenovus Energy Inc. (NYSE:CVE) by 3.4% during the second quarter, Holdings Channel reports. The firm owned 15,665 shares of the company’s stock after selling 555 shares during the period. Harvey Investment Co. LLC’s holdings in Cenovus Energy were worth $216,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Bank of Montreal Can purchased a new position in shares of Cenovus Energy during the second quarter worth about $289,644,000. 1832 Asset Management L.P. boosted its position in shares of Cenovus Energy by 193.8% in the first quarter. 1832 Asset Management L.P. now owns 7,246,586 shares of the company’s stock worth $154,065,000 after buying an additional 4,779,913 shares in the last quarter. Beutel Goodman & Co Ltd. boosted its position in shares of Cenovus Energy by 11.3% in the second quarter. Beutel Goodman & Co Ltd. now owns 42,418,807 shares of the company’s stock worth $582,692,000 after buying an additional 4,305,355 shares in the last quarter. NN Investment Partners Holdings N.V. purchased a new position in shares of Cenovus Energy during the first quarter worth about $41,693,000. Finally, Burgundy Asset Management Ltd. boosted its position in shares of Cenovus Energy by 15.4% in the first quarter. Burgundy Asset Management Ltd. now owns 23,733,570 shares of the company’s stock worth $309,226,000 after buying an additional 3,168,523 shares in the last quarter. 67.80% of the stock is owned by institutional investors.
Cenovus Energy Inc. (NYSE:CVE) traded up 2.72% during midday trading on Thursday, hitting $15.12. The stock had a trading volume of 2,526,174 shares. The firm has a 50 day moving average of $14.38 and a 200 day moving average of $14.30. The firm has a market cap of $12.60 billion, a price-to-earnings ratio of 21.57 and a beta of 0.81. Cenovus Energy Inc. has a 52 week low of $9.10 and a 52 week high of $17.23.
Cenovus Energy (NYSE:CVE) last posted its earnings results on Thursday, July 28th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.09. Cenovus Energy had a negative return on equity of 7.35% and a net margin of 6.97%. During the same quarter in the previous year, the firm earned $0.18 EPS. Equities research analysts predict that Cenovus Energy Inc. will post ($0.60) EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were paid a dividend of $0.0378 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.15 annualized dividend and a dividend yield of 1.03%. Cenovus Energy’s dividend payout ratio (DPR) is presently 20.83%.
A number of equities analysts recently issued reports on CVE shares. Bank of America Corp. started coverage on Cenovus Energy in a report on Friday, August 19th. They issued a “neutral” rating and a $17.00 target price on the stock. TD Securities cut Cenovus Energy from a “buy” rating to a “hold” rating and set a $21.00 target price on the stock. in a report on Wednesday, August 10th. Goldman Sachs Group Inc. reiterated a “conviction-buy” rating on shares of Cenovus Energy in a report on Wednesday, June 8th. Credit Suisse Group AG reiterated a “buy” rating on shares of Cenovus Energy in a report on Sunday, July 10th. Finally, Nomura reiterated a “hold” rating on shares of Cenovus Energy in a report on Monday, September 26th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $20.00.
Cenovus Energy Company Profile
Cenovus Energy Inc is a Canada-based integrated oil company. It is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. The Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.
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