Quantinno Capital Management LP Sells 27,198 Shares of Cenovus Energy Inc $CVE

Quantinno Capital Management LP trimmed its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 6.4% during the first quarter, Holdings Channel.com reports. The firm owned 397,499 shares of the oil and gas company’s stock after selling 27,198 shares during the period. Quantinno Capital Management LP’s holdings in Cenovus Energy were worth $10,546,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Massachusetts Financial Services Co. MA raised its position in shares of Cenovus Energy by 24.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock worth $303,470,000 after acquiring an additional 3,507,525 shares during the last quarter. TD Asset Management Inc boosted its holdings in Cenovus Energy by 3.6% in the fourth quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock valued at $287,897,000 after acquiring an additional 595,518 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Cenovus Energy by 33.7% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 460,000 shares of the oil and gas company’s stock valued at $7,783,000 after acquiring an additional 116,000 shares during the last quarter. Militia Capital Management LLC acquired a new stake in Cenovus Energy in the first quarter worth about $1,740,000. Finally, Annex Advisory Services LLC acquired a new stake in Cenovus Energy in the fourth quarter worth about $2,842,000. 51.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on CVE. Zacks Research downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday. Desjardins raised shares of Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Weiss Ratings lowered shares of Cenovus Energy from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.25.

Cenovus Energy Stock Performance

Shares of NYSE:CVE opened at $29.58 on Tuesday. The company has a market capitalization of $55.03 billion, a price-to-earnings ratio of 11.38 and a beta of 0.34. The firm’s 50 day simple moving average is $27.27 and its 200 day simple moving average is $25.36. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. Cenovus Energy Inc has a fifty-two week low of $14.48 and a fifty-two week high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm had revenue of $14.59 billion during the quarter, compared to analysts’ expectations of $11.87 billion. During the same quarter in the previous year, the company earned $0.45 earnings per share. The business’s revenue for the quarter was up 47.9% on a year-over-year basis. As a group, sell-side analysts forecast that Cenovus Energy Inc will post 2.89 earnings per share for the current year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.0%. Cenovus Energy’s payout ratio is 24.62%.

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.