Cenovus Energy Inc $CVE Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lessened its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 2.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,935,567 shares of the oil and gas company’s stock after selling 136,902 shares during the quarter. Wellington Management Group LLP owned approximately 0.32% of Cenovus Energy worth $147,224,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in CVE. Orion Capital Management LLC purchased a new position in Cenovus Energy in the 2nd quarter valued at about $25,000. Transamerica Financial Advisors LLC increased its stake in Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after buying an additional 1,433 shares in the last quarter. Gables Capital Management Inc. acquired a new position in shares of Cenovus Energy during the second quarter valued at approximately $35,000. Kestra Advisory Services LLC acquired a new position in shares of Cenovus Energy during the fourth quarter valued at approximately $38,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after acquiring an additional 1,384 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $32.17 on Tuesday. Cenovus Energy Inc has a 12-month low of $15.63 and a 12-month high of $33.40. The stock has a market cap of $59.50 billion, a P/E ratio of 12.37 and a beta of 0.34. The company has a 50-day moving average price of $28.53 and a 200 day moving average price of $26.98. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. During the same period in the previous year, the business posted $0.45 EPS. Cenovus Energy’s revenue was up 47.9% on a year-over-year basis. Sell-side analysts anticipate that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Dividend Announcement

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 given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s payout ratio is presently 24.62%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CVE. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a research note on Wednesday, August 19th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Cenovus Energy in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Cenovus Energy has an average rating of “Moderate Buy” and an average price target of $36.25.

Cenovus Energy 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.