Cenovus Energy Inc (CVE) Stake Boosted by Neuberger Berman Group LLC
Neuberger Berman Group LLC lifted its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 3.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 90,889 shares of the oil and gas company’s stock after acquiring an additional 3,435 shares during the quarter. Neuberger Berman Group LLC’s holdings in Cenovus Energy were worth $913,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the company. Blume Capital Management Inc. lifted its holdings in Cenovus Energy by 375.5% during the 3rd quarter. Blume Capital Management Inc. now owns 10,181 shares of the oil and gas company’s stock worth $102,000 after buying an additional 8,040 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Cenovus Energy during the 2nd quarter worth approximately $223,000. United Services Automobile Association lifted its holdings in Cenovus Energy by 46.5% during the 2nd quarter. United Services Automobile Association now owns 21,948 shares of the oil and gas company’s stock worth $228,000 after buying an additional 6,969 shares in the last quarter. Natixis acquired a new stake in Cenovus Energy during the 2nd quarter worth approximately $230,000. Finally, Fort Washington Investment Advisors Inc. OH acquired a new stake in Cenovus Energy during the 3rd quarter worth approximately $256,000. Hedge funds and other institutional investors own 75.25% of the company’s stock.
CVE has been the topic of a number of research reports. Morgan Stanley reduced their target price on shares of Cenovus Energy from $17.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 20th. CIBC reiterated a “buy” rating on shares of Cenovus Energy in a report on Thursday, November 22nd. BMO Capital Markets reiterated an “average” rating and set a $13.50 target price on shares of Cenovus Energy in a report on Monday, January 7th. Canaccord Genuity reiterated a “hold” rating on shares of Cenovus Energy in a report on Tuesday, October 16th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $13.00 target price on shares of Cenovus Energy in a report on Monday, January 7th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $12.13.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Wednesday, October 31st. The oil and gas company reported ($0.15) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.32). Cenovus Energy had a negative net margin of 3.15% and a negative return on equity of 9.58%. The firm had revenue of $4.70 billion during the quarter, compared to analyst estimates of $4.44 billion. Equities analysts expect that Cenovus Energy Inc will post -0.81 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, December 31st. Stockholders of record on Friday, December 14th were issued a $0.0382 dividend. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.88%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.04. The ex-dividend date was Thursday, December 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently -750.00%.
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Cenovus Energy Company Profile
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.
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