Tidal Investments LLC Trims Stake in Cenovus Energy Inc $CVE

Tidal Investments LLC lowered its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 21.9% in the 2nd quarter, Holdings Channel reports. The firm owned 408,165 shares of the oil and gas company’s stock after selling 114,125 shares during the quarter. Tidal Investments LLC’s holdings in Cenovus Energy were worth $10,124,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CVE. TD Asset Management Inc raised its position in Cenovus Energy by 3.6% during 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 purchasing an additional 595,518 shares in the last quarter. OMERS ADMINISTRATION Corp bought a new stake in shares of Cenovus Energy in the 2nd quarter valued at about $17,275,000. Beverly Hills Private Wealth LLC purchased a new position in Cenovus Energy in the second quarter worth $2,678,000. Alberta Investment Management Corp purchased a new stake in shares of Cenovus Energy during the second quarter worth about $143,730,000. Finally, GQG Partners LLC acquired a new position in shares of Cenovus Energy in the 2nd quarter valued at $411,552,000. 51.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on CVE shares. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Wall Street Zen lowered Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 5th. Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Royal Bank Of Canada boosted their price objective on shares of Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Finally, Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

Cenovus Energy Price Performance

CVE stock opened at $33.08 on Friday. The business has a 50 day moving average price of $30.00 and a 200 day moving average price of $27.63. Cenovus Energy Inc has a fifty-two week low of $15.63 and a fifty-two week high of $34.16. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The stock has a market cap of $60.94 billion, a price-to-earnings ratio of 12.72 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 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 for the quarter, compared to the consensus estimate of $11.87 billion. During the same period last year, the firm posted $0.45 EPS. The company’s revenue was up 47.9% on a year-over-year basis. Equities research analysts anticipate that Cenovus Energy Inc will post 3.35 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. Cenovus Energy’s dividend payout ratio (DPR) is 24.23%.

Cenovus Energy Company Profile

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.