Cenovus Energy Inc. (CVE) is Jones Collombin Investment Counsel Inc’s 8th Largest Position
Jones Collombin Investment Counsel Inc cut its stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 7.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 918,769 shares of the company’s stock after selling 79,115 shares during the period. Cenovus Energy comprises 4.1% of Jones Collombin Investment Counsel Inc’s portfolio, making the stock its 8th largest position. Jones Collombin Investment Counsel Inc owned 0.11% of Cenovus Energy worth $13,179,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of CVE. PNC Financial Services Group Inc. increased its stake in Cenovus Energy by 13.1% in the second quarter. PNC Financial Services Group Inc. now owns 9,147 shares of the company’s stock valued at $128,000 after buying an additional 1,059 shares during the last quarter. Marshall Wace LLP acquired a new stake in Cenovus Energy during the second quarter valued at approximately $141,000. Quantitative Investment Management LLC acquired a new stake in Cenovus Energy during the second quarter valued at approximately $152,000. Trexquant Investment LP acquired a new stake in Cenovus Energy during the second quarter valued at approximately $173,000. Finally, Commonwealth Equity Services Inc increased its stake in Cenovus Energy by 35.4% in the second quarter. Commonwealth Equity Services Inc now owns 13,563 shares of the company’s stock valued at $187,000 after buying an additional 3,547 shares during the last quarter. 67.22% of the stock is owned by hedge funds and other institutional investors.
Cenovus Energy Inc. (NYSE:CVE) traded up 11.20% during mid-day trading on Wednesday, hitting $15.69. 2,118,670 shares of the stock traded hands. The company’s 50 day moving average price is $14.83 and its 200-day moving average price is $14.54. Cenovus Energy Inc. has a 1-year low of $9.10 and a 1-year high of $16.56. The stock’s market cap is $13.07 billion.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be paid a dividend of $0.0376 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $0.15 dividend on an annualized basis and a yield of 1.07%. Cenovus Energy’s dividend payout ratio is currently -12.93%.
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Several research firms have recently commented on CVE. Zacks Investment Research downgraded shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research report on Thursday, October 27th. RBC Capital Markets restated an “outperform” rating and set a $23.00 price target on shares of Cenovus Energy in a report on Wednesday, October 26th. TD Securities restated a “hold” rating and set a $21.00 price target on shares of Cenovus Energy in a report on Saturday, October 29th. Nomura restated a “hold” rating on shares of Cenovus Energy in a report on Monday, September 26th. Finally, Scotiabank restated an “outperform” rating and set a $21.00 price target (up from $20.00) on shares of Cenovus Energy in a report on Saturday, October 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $20.31.
Cenovus Energy Company Profile
Cenovus Energy Inc is a Canada-based integrated oil company. It is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. The Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.
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