Investment Management Corp of Ontario Cuts Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)

Investment Management Corp of Ontario reduced its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 2.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 229,298 shares of the oil and gas company’s stock after selling 4,659 shares during the quarter. Investment Management Corp of Ontario’s holdings in Cenovus Energy were worth $3,836,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 643 shares during the last quarter. Cetera Advisors LLC increased its stake in Cenovus Energy by 5.2% in the 1st quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after buying an additional 801 shares during the last quarter. Harmony Asset Management LLC lifted its position in shares of Cenovus Energy by 8.1% during the 3rd quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company’s stock worth $224,000 after buying an additional 1,000 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Cenovus Energy by 1.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company’s stock worth $1,287,000 after buying an additional 1,209 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in shares of Cenovus Energy by 12.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company’s stock valued at $226,000 after acquiring an additional 1,229 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Stock Performance

Shares of CVE opened at $15.90 on Wednesday. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The stock’s fifty day moving average price is $16.59 and its two-hundred day moving average price is $18.14. The firm has a market cap of $29.04 billion, a PE ratio of 10.97 and a beta of 2.02.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. The business had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.72 EPS. On average, equities research analysts forecast that Cenovus Energy Inc. will post 1.48 EPS for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.133 dividend. The ex-dividend date is Friday, December 13th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a yield of 3.35%. Cenovus Energy’s dividend payout ratio (DPR) is 36.55%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CVE. TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. BMO Capital Markets cut their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $30.00.

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.