Van ECK Associates Corp Has $2.01 Million Stock Position in Cenovus Energy Inc $CVE

Van ECK Associates Corp lowered its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 83.6% during the second quarter, Holdings Channel reports. The fund owned 81,116 shares of the oil and gas company’s stock after selling 413,414 shares during the period. Van ECK Associates Corp’s holdings in Cenovus Energy were worth $2,012,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. TD Asset Management Inc boosted its position in Cenovus Energy by 3.6% in the 4th 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 buying an additional 595,518 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new stake in shares of Cenovus Energy during the second quarter worth $17,275,000. Beverly Hills Private Wealth LLC acquired a new position in shares of Cenovus Energy during the second quarter valued at $2,678,000. Alberta Investment Management Corp acquired a new position in shares of Cenovus Energy during the second quarter valued at $143,730,000. Finally, GQG Partners LLC bought a new position in Cenovus Energy in the second quarter valued at about $411,552,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Trading Down 1.2%

NYSE:CVE opened at $32.40 on Friday. Cenovus Energy Inc has a 1-year low of $15.63 and a 1-year high of $33.40. The business’s 50-day moving average price is $29.16 and its two-hundred day moving average price is $27.26. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $59.69 billion, a price-to-earnings ratio of 12.46 and a beta of 0.35.

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 (EPS) for the quarter, hitting the consensus estimate of $1.11. The company had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.45 EPS. On average, equities analysts expect that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. Cenovus Energy’s payout ratio is currently 24.62%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CVE. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a research report on Wednesday, May 13th. Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Wednesday. Finally, Zacks Research lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $39.00.

About Cenovus Energy

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.