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

by · The Markets Daily

Guinness Asset Management LTD decreased its position in Cenovus Energy Inc. (NYSE:CVE – Free Report) (TSE:CVE) by 14.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 669,837 shares of the oil and gas company’s stock after selling 110,379 shares during the period. Guinness Asset Management LTD’s holdings in Cenovus Energy were worth $11,191,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital International Investors grew its position in shares of Cenovus Energy by 216.3% in the first quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock valued at $678,250,000 after purchasing an additional 23,202,018 shares during the period. Boston Partners grew its holdings in Cenovus Energy by 29.0% in the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock valued at $750,435,000 after buying an additional 8,438,979 shares during the period. Assenagon Asset Management S.A. increased its stake 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 valued at $146,054,000 after acquiring an additional 7,396,013 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in shares of Cenovus Energy by 81.1% during the 2nd 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 acquiring an additional 5,613,320 shares during the period. Finally, Acadian Asset Management LLC boosted its position in shares of Cenovus Energy by 32,791.8% in the second quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company’s stock worth $87,246,000 after acquiring an additional 4,426,891 shares during the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CVE has been the topic of a number of recent analyst reports. BMO Capital Markets cut their price target on shares of Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a report on Monday, September 30th. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Finally, Scotiabank cut their price objective on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.75.

Get Our Latest Stock Analysis on Cenovus Energy

Cenovus Energy Stock Down 0.1 %

NYSE:CVE traded down $0.01 during mid-day trading on Friday, hitting $17.85. The company had a trading volume of 5,353,292 shares, compared to its average volume of 9,035,742. The business has a fifty day simple moving average of $17.83 and a 200-day simple moving average of $19.29. The firm has a market capitalization of $32.79 billion, a price-to-earnings ratio of 9.59 and a beta of 2.04. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last released its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.13). The company had revenue of $10.88 billion for the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. Equities analysts forecast that Cenovus Energy Inc. will post 1.84 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.132 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.53 annualized dividend and a dividend yield of 2.96%. Cenovus Energy’s dividend payout ratio (DPR) is presently 28.49%.

About Cenovus Energy

(Free Report)

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.

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