Cenovus Energy Inc. (NYSE:CVE) Shares Sold by Public Sector Pension Investment Board

Public Sector Pension Investment Board trimmed its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 0.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 187,636 shares of the oil and gas company’s stock after selling 1,588 shares during the quarter. Public Sector Pension Investment Board’s holdings in Cenovus Energy were worth $3,142,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Smead Capital Management Inc. grew its position in shares of Cenovus Energy by 39.3% in the third quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock valued at $257,831,000 after purchasing an additional 4,351,960 shares during the period. 1832 Asset Management L.P. raised its stake in Cenovus Energy by 81.1% during the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock worth $246,507,000 after purchasing an additional 5,613,320 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Cenovus Energy by 5.3% in the 2nd quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock valued at $219,897,000 after purchasing an additional 562,663 shares during the last quarter. Ninepoint Partners LP grew its stake in shares of Cenovus Energy by 19.0% during the 2nd quarter. Ninepoint Partners LP now owns 7,500,000 shares of the oil and gas company’s stock valued at $147,450,000 after buying an additional 1,200,000 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Cenovus Energy by 22,396.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 7,429,036 shares of the oil and gas company’s stock worth $146,054,000 after buying an additional 7,396,013 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CVE shares. StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, November 26th. BMO Capital Markets dropped their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Stock Performance

NYSE:CVE opened at $15.90 on Wednesday. The stock has a market cap of $29.04 billion, a P/E ratio of 10.97 and a beta of 2.02. 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 firm has a 50-day moving average of $16.59 and a two-hundred day moving average of $18.14.

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

Cenovus Energy Increases Dividend

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

Cenovus Energy Company 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.