PCJ Investment Counsel Ltd. Trims Stake in Cenovus Energy Inc. (NYSE:CVE)

PCJ Investment Counsel Ltd. trimmed its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 3.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 256,600 shares of the oil and gas company’s stock after selling 8,430 shares during the quarter. Cenovus Energy accounts for about 1.4% of PCJ Investment Counsel Ltd.’s portfolio, making the stock its 23rd largest position. PCJ Investment Counsel Ltd.’s holdings in Cenovus Energy were worth $4,291,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVE. Blue Trust Inc. increased its stake in Cenovus Energy by 640.3% during the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after buying an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Cenovus Energy by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after purchasing an additional 643 shares during the last quarter. Everpar Advisors LLC acquired a new stake in shares of Cenovus Energy during the second quarter worth about $211,000. Envestnet Portfolio Solutions Inc. lifted its position in 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 purchasing an additional 1,229 shares during the period. Finally, Keystone Wealth Services LLC acquired a new stake in shares of Cenovus Energy during the 2nd quarter valued at approximately $236,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Price Performance

NYSE CVE opened at $16.05 on Wednesday. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a fifty day simple moving average of $16.73 and a 200 day simple moving average of $18.43. The company has a market cap of $29.31 billion, a P/E ratio of 11.07 and a beta of 2.05. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The firm had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. During the same period in the prior year, the firm earned $0.72 EPS. The business’s revenue was down 17.9% on a year-over-year basis. On average, sell-side analysts predict that Cenovus Energy Inc. will post 1.5 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently declared 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 is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 dividend on an annualized basis and a yield of 3.32%. Cenovus Energy’s dividend payout ratio is 36.55%.

Analyst Ratings Changes

CVE has been the subject of several recent analyst reports. BMO Capital Markets lowered their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. StockNews.com upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Monday. Finally, TD Securities lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

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.