Mediolanum International Funds Ltd Sells 97,138 Shares of Cenovus Energy Inc $CVE

Mediolanum International Funds Ltd cut its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 70.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,481 shares of the oil and gas company’s stock after selling 97,138 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Cenovus Energy were worth $1,077,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Capital Research Global Investors boosted its stake in shares of Cenovus Energy by 16.6% during the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock valued at $2,103,090,000 after purchasing an additional 17,730,542 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Cenovus Energy by 440.8% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 15,414,179 shares of the oil and gas company’s stock worth $260,797,000 after buying an additional 12,564,179 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in Cenovus Energy by 322.7% in the second quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company’s stock worth $211,338,000 after buying an additional 11,849,355 shares during the period. FIL Ltd lifted its holdings in Cenovus Energy by 40.0% in the fourth quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock worth $651,880,000 after buying an additional 11,019,212 shares during the period. Finally, Vanguard Group Inc. boosted its position in Cenovus Energy by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock valued at $1,074,660,000 after acquiring an additional 7,197,843 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Stock Performance

Shares of CVE opened at $28.78 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average price is $27.52 and its 200-day moving average price is $24.57. Cenovus Energy Inc has a 52 week low of $13.98 and a 52 week high of $32.07. The stock has a market cap of $53.54 billion, a P/E ratio of 15.81 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. The company had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter last year, the company earned $0.47 EPS. Equities research analysts anticipate that Cenovus Energy Inc will post 3.02 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.22 per share. The ex-dividend date was Monday, June 15th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 3.1%. Cenovus Energy’s dividend payout ratio is 34.62%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada increased their price objective on Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Tuesday, May 19th. Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Finally, Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Cenovus Energy currently has a consensus rating of “Buy” and a consensus 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.