SIR Capital Management L.P. Decreases Holdings in Cenovus Energy Inc $CVE

SIR Capital Management L.P. trimmed its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 61.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 525,700 shares of the oil and gas company’s stock after selling 851,300 shares during the period. SIR Capital Management L.P.’s holdings in Cenovus Energy were worth $8,895,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CVE. Financial Management Professionals Inc. purchased a new position in shares of Cenovus Energy during the 4th quarter valued at about $25,000. NBC Securities Inc. raised its holdings in shares of Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 1,500 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 1,384 shares in the last quarter. Advisory Services Network LLC bought a new position in Cenovus Energy during the 3rd quarter worth approximately $50,000. Finally, Allworth Financial LP grew its position in Cenovus Energy by 32.2% during the 3rd quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 737 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

NYSE:CVE opened at $28.24 on Friday. The stock has a 50-day simple moving average of $28.07 and a two-hundred day simple moving average of $22.89. Cenovus Energy Inc has a 52-week low of $13.47 and a 52-week high of $32.07. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The firm has a market capitalization of $52.79 billion, a PE ratio of 15.51 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The business had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. Cenovus Energy’s revenue for the quarter was up 1.0% on a year-over-year basis. Analysts forecast that Cenovus Energy Inc will post 3.15 EPS for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 15th. Cenovus Energy’s dividend payout ratio is currently 32.42%.

Analyst Upgrades and Downgrades

CVE has been the topic of a number of recent analyst reports. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Veritas upgraded Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Lake Street Capital set a $36.00 price target on Cenovus Energy in a research note on Wednesday, May 13th. Finally, Zacks Research upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company. Based on data from 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.