Paloma Partners Management Co Has $3.21 Million Stake in Cenovus Energy Inc (CVE)
Paloma Partners Management Co lowered its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 4.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 309,071 shares of the oil and gas company’s stock after selling 13,257 shares during the period. Paloma Partners Management Co’s holdings in Cenovus Energy were worth $3,208,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in CVE. DekaBank Deutsche Girozentrale grew its position in Cenovus Energy by 30.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 249,820 shares of the oil and gas company’s stock valued at $2,043,000 after buying an additional 57,786 shares during the period. Aperio Group LLC grew its position in Cenovus Energy by 63.9% during the first quarter. Aperio Group LLC now owns 220,727 shares of the oil and gas company’s stock valued at $1,885,000 after buying an additional 86,030 shares during the period. Neuberger Berman Group LLC grew its position in Cenovus Energy by 46.3% during the first quarter. Neuberger Berman Group LLC now owns 96,510 shares of the oil and gas company’s stock valued at $822,000 after buying an additional 30,531 shares during the period. AMF Pensionsforsakring AB grew its position in Cenovus Energy by 0.7% during the first quarter. AMF Pensionsforsakring AB now owns 987,529 shares of the oil and gas company’s stock valued at $8,403,000 after buying an additional 6,479 shares during the period. Finally, Ninepoint Partners LP bought a new position in Cenovus Energy during the first quarter valued at about $6,671,000. Institutional investors own 74.63% of the company’s stock.
Shares of NYSE:CVE opened at $9.13 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.17 and a quick ratio of 0.81. The stock has a market cap of $11.07 billion, a price-to-earnings ratio of -456.50 and a beta of 0.63. Cenovus Energy Inc has a twelve month low of $7.09 and a twelve month high of $11.52.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be given a dividend of $0.038 per share. The ex-dividend date is Thursday, September 13th. This represents a $0.15 dividend on an annualized basis and a yield of 1.66%. Cenovus Energy’s dividend payout ratio is presently -750.00%.
CVE has been the subject of several research reports. Morgan Stanley increased their price target on shares of Cenovus Energy from $13.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 23rd. ValuEngine upgraded shares of Cenovus Energy from a “sell” rating to a “hold” rating in a research report on Saturday, June 2nd. Canaccord Genuity lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Thursday, August 16th. Tudor Pickering lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Finally, Macquarie upgraded shares of Cenovus Energy from an “underperform” rating to a “neutral” rating in a research report on Wednesday, August 1st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $14.08.
Cenovus Energy Profile
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.
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