Cenovus Energy Inc $CVE Shares Sold by Portland Investment Counsel Inc.

Portland Investment Counsel Inc. trimmed its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 98.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,100 shares of the oil and gas company’s stock after selling 1,416,900 shares during the quarter. Portland Investment Counsel Inc.’s holdings in Cenovus Energy were worth $249,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Fulton Bank N.A. raised its position in shares of Cenovus Energy by 4.4% during the 2nd quarter. Fulton Bank N.A. now owns 19,201 shares of the oil and gas company’s stock valued at $261,000 after buying an additional 809 shares during the period. NFP Retirement Inc. increased its stake in Cenovus Energy by 2.7% during the first quarter. NFP Retirement Inc. now owns 34,500 shares of the oil and gas company’s stock worth $480,000 after acquiring an additional 900 shares during the last quarter. Allworth Financial LP increased its stake in Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 1,168 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in Cenovus Energy by 39.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,205 shares of the oil and gas company’s stock valued at $57,000 after purchasing an additional 1,199 shares during the period. Finally, Virtus Investment Advisers LLC lifted its stake in shares of Cenovus Energy by 12.8% in the 2nd quarter. Virtus Investment Advisers LLC now owns 11,727 shares of the oil and gas company’s stock valued at $159,000 after purchasing an additional 1,332 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Up 0.8%

CVE stock opened at $17.57 on Friday. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $18.75. The company’s 50 day moving average price is $17.37 and its 200 day moving average price is $15.67. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32. The firm has a market capitalization of $33.22 billion, a price-to-earnings ratio of 17.40 and a beta of 0.86.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.12. The business had revenue of $10.87 billion during the quarter, compared to analysts’ expectations of $12.51 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 EPS. On average, equities research analysts anticipate that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Monday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is 45.90%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Zacks Research upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. National Bankshares reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Wednesday, September 10th. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Thursday, November 20th. BMO Capital Markets set a $29.00 price target on shares of Cenovus Energy in a research note on Monday, November 17th. Finally, Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Four research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $25.67.

About Cenovus Energy

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.