Cardinal Point Capital Management ULC lessened its position in Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) by 86.1% in the first quarter, HoldingsChannel reports. The fund owned 33,842 shares of the oil and gas company’s stock after selling 209,897 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in Cenovus Energy were worth $896,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Research Global Investors lifted its holdings in shares of Cenovus Energy by 16.6% in the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after purchasing an additional 17,730,542 shares in the last quarter. Vanguard Group Inc. increased its stake in Cenovus Energy by 12.8% during the 4th 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 purchasing an additional 7,197,843 shares in the last quarter. Capital International Investors raised its holdings 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 worth $862,505,000 after buying an additional 1,903,432 shares during the last quarter. FIL Ltd lifted its stake in shares of Cenovus Energy by 40.0% in 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 buying an additional 11,019,212 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Cenovus Energy by 46.7% during the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after buying an additional 9,753,134 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.
Cenovus Energy Stock Performance
Shares of CVE opened at $24.69 on Thursday. 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 company has a market capitalization of $46.17 billion, a price-to-earnings ratio of 13.57 and a beta of 0.34. The stock has a 50 day moving average of $27.96 and a 200 day moving average of $23.37. Cenovus Energy Inc has a 12 month low of $13.47 and a 12 month high of $32.07.
Cenovus Energy Increases Dividend
The business 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 $0.22 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.6%. Cenovus Energy’s payout ratio is presently 35.16%.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on CVE. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Lake Street Capital set a $36.00 price objective on Cenovus Energy in a research note on Wednesday, May 13th. Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. UBS Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Finally, Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.25.
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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