Parallel Advisors LLC Sells 930 Shares of Cenovus Energy Inc. (NYSE:CVE)

Parallel Advisors LLC lessened its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 30.2% in the first quarter, Holdings Channel reports. The firm owned 2,154 shares of the oil and gas company’s stock after selling 930 shares during the quarter. Parallel Advisors LLC’s holdings in Cenovus Energy were worth $30,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Capital World Investors raised its stake in Cenovus Energy by 15.8% during the fourth quarter. Capital World Investors now owns 191,412,590 shares of the oil and gas company’s stock worth $2,901,131,000 after acquiring an additional 26,127,617 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Cenovus Energy by 48.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 13,001,002 shares of the oil and gas company’s stock worth $196,935,000 after purchasing an additional 4,220,663 shares in the last quarter. Toronto Dominion Bank lifted its holdings in shares of Cenovus Energy by 91.7% in the 4th quarter. Toronto Dominion Bank now owns 7,233,491 shares of the oil and gas company’s stock worth $109,515,000 after purchasing an additional 3,460,311 shares in the last quarter. Franklin Resources Inc. raised its position in Cenovus Energy by 105.0% in the 4th quarter. Franklin Resources Inc. now owns 4,337,551 shares of the oil and gas company’s stock valued at $65,667,000 after buying an additional 2,221,549 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Cenovus Energy by 29.2% in the 4th quarter. Geode Capital Management LLC now owns 8,287,334 shares of the oil and gas company’s stock valued at $128,783,000 after buying an additional 1,873,415 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CVE shares. Royal Bank of Canada restated an “outperform” rating and set a $25.00 price target on shares of Cenovus Energy in a research report on Friday, April 11th. Veritas lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 14th. National Bank Financial downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. Finally, The Goldman Sachs Group decreased their price target on shares of Cenovus Energy from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $25.75.

Cenovus Energy Stock Performance

NYSE:CVE opened at $13.73 on Tuesday. The stock has a market cap of $25.01 billion, a P/E ratio of 11.34 and a beta of 0.94. The firm’s fifty day simple moving average is $12.54 and its 200 day simple moving average is $13.91. Cenovus Energy Inc. has a twelve month low of $10.23 and a twelve month high of $20.76. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, May 8th. The oil and gas company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.03. The firm had revenue of $11.15 billion for the quarter, compared to analysts’ expectations of $12.39 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. During the same quarter in the previous year, the business posted $0.62 EPS. As a group, research analysts predict that Cenovus Energy Inc. will post 1.49 EPS for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared a dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a dividend yield of 4.25%. This is a positive change from Cenovus Energy’s previous dividend of $0.11. Cenovus Energy’s dividend payout ratio is presently 54.21%.

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.