Cenovus Energy Inc. (NYSE:CVE) Shares Sold by Guinness Asset Management LTD

Guinness Asset Management LTD reduced its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 13.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 582,046 shares of the oil and gas company’s stock after selling 87,791 shares during the quarter. Guinness Asset Management LTD’s holdings in Cenovus Energy were worth $8,771,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. 1832 Asset Management L.P. boosted its position in shares of 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 buying an additional 5,613,320 shares during the period. Smead Capital Management Inc. boosted its holdings in Cenovus Energy by 39.3% during the 3rd 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 acquiring an additional 4,351,960 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in Cenovus Energy by 4,319.1% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,218,376 shares of the oil and gas company’s stock valued at $43,609,000 after acquiring an additional 2,168,176 shares in the last quarter. Bridgewater Associates LP purchased a new stake in Cenovus Energy during the third quarter worth about $33,995,000. Finally, Anson Funds Management LP lifted its position in shares of Cenovus Energy by 188.2% during the third quarter. Anson Funds Management LP now owns 1,877,800 shares of the oil and gas company’s stock worth $31,405,000 after purchasing an additional 1,226,221 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Trading Up 1.4 %

CVE opened at $15.06 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy Inc. has a one year low of $14.20 and a one year high of $21.90. The company has a market cap of $27.48 billion, a P/E ratio of 10.38 and a beta of 2.01. The business’s 50-day simple moving average is $15.32 and its 200-day simple moving average is $17.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results 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 firm had revenue of $14.20 billion during the quarter, compared to the consensus estimate 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 prior year, the company posted $0.72 earnings per share. As a group, equities research analysts expect that Cenovus Energy Inc. will post 1.45 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a dividend of $0.133 per share. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a yield of 3.53%. The ex-dividend date of this dividend was Friday, December 13th. Cenovus Energy’s dividend payout ratio (DPR) is currently 35.17%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CVE shares. 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 report on Friday, November 1st. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Royal Bank of Canada reiterated an “outperform” rating and issued a $28.00 target price on shares of Cenovus Energy in a report on Monday, January 6th. Finally, StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

About Cenovus Energy

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.