Letko Brosseau & Associates Inc. lessened its holdings in Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) by 0.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 5,949,541 shares of the oil and gas company’s stock after selling 55,902 shares during the period. Cenovus Energy accounts for 1.7% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 19th biggest position. Letko Brosseau & Associates Inc.’s holdings in Cenovus Energy were worth $100,783,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. Ninepoint Partners LP increased its stake in Cenovus Energy by 490.0% in the 3rd quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock valued at $60,145,000 after buying an additional 2,940,000 shares during the last quarter. Canoe Financial LP bought a new position in shares of Cenovus Energy in the 4th quarter valued at about $102,662,000. Lighthouse Investment Partners LLC grew its holdings in shares of Cenovus Energy by 29.1% in the 3rd quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock valued at $8,216,000 after acquiring an additional 109,000 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Cenovus Energy by 24.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock valued at $303,470,000 after acquiring an additional 3,507,525 shares during the last quarter. Finally, TD Asset Management Inc increased its position in shares of Cenovus Energy by 3.6% in the fourth quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock valued at $287,897,000 after acquiring an additional 595,518 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.
Cenovus Energy Trading Down 3.8%
Cenovus Energy stock opened at $27.63 on Wednesday. Cenovus Energy Inc has a 52 week low of $13.47 and a 52 week high of $32.07. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The stock has a market capitalization of $51.66 billion, a P/E ratio of 15.18 and a beta of 0.34. The stock has a 50-day simple moving average of $27.95 and a 200 day simple moving average of $22.71.
Cenovus Energy Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.22 per share. The ex-dividend date is Monday, June 15th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 3.2%. Cenovus Energy’s dividend payout ratio is 32.42%.
Analyst Ratings Changes
CVE has been the subject of several recent research reports. Lake Street Capital set a $36.00 price target on Cenovus Energy in a research report on Wednesday, May 13th. BMO Capital Markets reissued an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Royal Bank Of Canada increased their price target on Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, May 19th. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, May 7th. Finally, Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy presently has a consensus rating of “Buy” and an average price target of $35.25.
Check Out Our Latest Research Report on Cenovus Energy
Cenovus Energy Profile
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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