Cenovus Energy Inc. (NYSE:CVE) Stake Lessened by Tidal Investments LLC

Tidal Investments LLC decreased its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 45.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,176 shares of the oil and gas company’s stock after selling 21,332 shares during the period. Tidal Investments LLC’s holdings in Cenovus Energy were worth $421,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James & Associates lifted its holdings in shares of Cenovus Energy by 1.4% in the second quarter. Raymond James & Associates now owns 304,326 shares of the oil and gas company’s stock valued at $5,983,000 after buying an additional 4,327 shares during the period. Miller Howard Investments Inc. NY bought a new position in shares of Cenovus Energy during the 2nd quarter valued at about $2,769,000. Cambiar Investors LLC grew its stake in shares of Cenovus Energy by 0.3% in the 2nd quarter. Cambiar Investors LLC now owns 3,157,773 shares of the oil and gas company’s stock worth $62,082,000 after purchasing an additional 9,239 shares during the last quarter. Arkadios Wealth Advisors bought a new stake in shares of Cenovus Energy in the 2nd quarter worth approximately $325,000. Finally, Signaturefd LLC lifted its stake in Cenovus Energy by 7.2% during the second quarter. Signaturefd LLC now owns 48,127 shares of the oil and gas company’s stock valued at $946,000 after purchasing an additional 3,226 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CVE has been the topic of several recent research reports. StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Finally, BMO Capital Markets decreased their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Cenovus Energy currently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $14.66 on Tuesday. Cenovus Energy Inc. has a 12 month low of $14.20 and a 12 month high of $21.90. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The stock has a market cap of $26.76 billion, a PE ratio of 10.11 and a beta of 2.02. The business has a fifty day simple moving average of $15.87 and a 200-day simple moving average of $17.61.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.08. The firm had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same period last year, the company posted $0.72 EPS. On average, sell-side analysts anticipate that Cenovus Energy Inc. will post 1.48 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.133 dividend. This represents a $0.53 annualized dividend and a yield of 3.63%. 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. Cenovus Energy’s dividend payout ratio is currently 36.55%.

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.