Cambiar Investors LLC Cuts Holdings in Cenovus Energy Inc. (NYSE:CVE)

Cambiar Investors LLC lessened its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 2.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,069,155 shares of the oil and gas company’s stock after selling 88,618 shares during the period. Cenovus Energy makes up 2.0% of Cambiar Investors LLC’s portfolio, making the stock its 18th biggest position. Cambiar Investors LLC owned about 0.17% of Cenovus Energy worth $51,347,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital International Investors increased its position in Cenovus Energy by 216.3% during the 1st quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock worth $678,250,000 after purchasing an additional 23,202,018 shares in the last quarter. Boston Partners grew its stake in Cenovus Energy by 29.0% during the first quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after buying an additional 8,438,979 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Cenovus Energy by 22,396.6% in the second quarter. Assenagon Asset Management S.A. now owns 7,429,036 shares of the oil and gas company’s stock worth $146,054,000 after acquiring an additional 7,396,013 shares in the last quarter. 1832 Asset Management L.P. lifted its holdings in shares of Cenovus Energy by 81.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock valued at $246,507,000 after acquiring an additional 5,613,320 shares in the last quarter. Finally, Acadian Asset Management LLC raised its position in Cenovus Energy by 32,791.8% in the second quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company’s stock valued at $87,246,000 after purchasing an additional 4,426,891 shares during the period. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on CVE. Scotiabank cut their price objective on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. BMO Capital Markets cut their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Finally, StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Trading Down 2.5 %

NYSE:CVE opened at $15.67 on Friday. The company has a market cap of $28.67 billion, a PE ratio of 8.42 and a beta of 2.04. The business’s 50 day moving average is $17.20 and its two-hundred day moving average is $18.88. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc. has a 52 week low of $14.69 and a 52 week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). The business had revenue of $10.88 billion during the quarter, compared to the consensus estimate of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. On average, analysts predict that Cenovus Energy Inc. will post 1.67 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a $0.133 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a yield of 3.40%. Cenovus Energy’s dividend payout ratio (DPR) is currently 28.49%.

Cenovus Energy Profile

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.