K.J. Harrison & Partners Inc Boosts Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)

K.J. Harrison & Partners Inc increased its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 26.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 330,045 shares of the oil and gas company’s stock after buying an additional 68,300 shares during the period. K.J. Harrison & Partners Inc’s holdings in Cenovus Energy were worth $5,045,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its stake in shares of Cenovus Energy by 6.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,162,999 shares of the oil and gas company’s stock worth $17,619,000 after acquiring an additional 72,450 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co raised its holdings in Cenovus Energy by 1.9% in the 4th quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 222,071 shares of the oil and gas company’s stock worth $3,123,000 after purchasing an additional 4,160 shares during the period. Panview Capital Ltd acquired a new stake in Cenovus Energy in the fourth quarter valued at approximately $16,741,000. Bank of Stockton grew its holdings in Cenovus Energy by 14.8% in the fourth quarter. Bank of Stockton now owns 14,796 shares of the oil and gas company’s stock valued at $224,000 after purchasing an additional 1,902 shares during the period. Finally, Alberta Investment Management Corp grew its holdings in Cenovus Energy by 10.1% in the fourth quarter. Alberta Investment Management Corp now owns 4,494,400 shares of the oil and gas company’s stock valued at $68,094,000 after purchasing an additional 411,000 shares during the period. 51.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVE has been the subject of several research analyst reports. National Bank Financial downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. BMO Capital Markets dropped their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Royal Bank of Canada reduced their price target on shares of Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. Finally, StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.25.

Cenovus Energy Trading Down 1.0 %

Shares of CVE opened at $13.92 on Thursday. The firm’s fifty day moving average is $14.96 and its two-hundred day moving average is $16.20. The stock has a market cap of $25.38 billion, a PE ratio of 11.50 and a beta of 1.99. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc. has a 52-week low of $13.76 and a 52-week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $11.08 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. Research analysts forecast that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.1269 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.65%. Cenovus Energy’s dividend payout ratio (DPR) is presently 40.50%.

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.