Cenovus Energy Inc $CVE is Corigliano Investment Advisers LLC’s 10th Largest Position

Corigliano Investment Advisers LLC reduced its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 48.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 545,000 shares of the oil and gas company’s stock after selling 515,000 shares during the period. Cenovus Energy accounts for approximately 3.3% of Corigliano Investment Advisers LLC’s investment portfolio, making the stock its 10th largest position. Corigliano Investment Advisers LLC’s holdings in Cenovus Energy were worth $9,221,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in CVE. Financial Management Professionals Inc. purchased a new stake in Cenovus Energy in the 4th quarter valued at $25,000. Transamerica Financial Advisors LLC lifted its stake in shares of Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,433 shares during the last quarter. NBC Securities Inc. lifted its stake in shares of Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Cenovus Energy in the 4th quarter valued at $38,000. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Price Performance

CVE opened at $25.57 on Thursday. The stock’s 50-day moving average price is $28.05 and its 200 day moving average price is $23.11. Cenovus Energy Inc has a 12-month low of $13.47 and a 12-month high of $32.07. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The firm has a market cap of $47.82 billion, a price-to-earnings ratio of 14.05 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The firm had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. During the same quarter in the prior year, the company earned $0.47 EPS. Cenovus Energy’s revenue was up 1.0% on a year-over-year basis. As a group, sell-side analysts expect that Cenovus Energy Inc will post 3.15 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio is currently 35.16%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CVE. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, May 7th. Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Royal Bank Of Canada upped their price target on Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Finally, Lake Street Capital set a $36.00 price target on Cenovus Energy in a research note on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $35.25.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.