Cenovus Energy Inc. (NYSE:CVE) Shares Sold by Addenda Capital Inc.

Addenda Capital Inc. cut its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 4.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 496,660 shares of the oil and gas company’s stock after selling 24,500 shares during the quarter. Addenda Capital Inc.’s holdings in Cenovus Energy were worth $9,928,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Hennessy Advisors Inc. purchased a new stake in Cenovus Energy during the 1st quarter valued at approximately $6,569,000. International Assets Investment Management LLC raised its stake in Cenovus Energy by 39.9% during the 1st quarter. International Assets Investment Management LLC now owns 35,767 shares of the oil and gas company’s stock valued at $719,000 after acquiring an additional 10,200 shares during the last quarter. Foundation Resource Management Inc. raised its stake in shares of Cenovus Energy by 4.5% during the 1st quarter. Foundation Resource Management Inc. now owns 419,379 shares of the oil and gas company’s stock worth $8,383,000 after buying an additional 17,984 shares in the last quarter. Nexus Investment Management ULC raised its stake in shares of Cenovus Energy by 5.2% during the 1st quarter. Nexus Investment Management ULC now owns 1,608,600 shares of the oil and gas company’s stock worth $32,183,000 after buying an additional 79,700 shares in the last quarter. Finally, American National Bank purchased a new position in shares of Cenovus Energy during the 1st quarter worth approximately $52,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CVE shares. Morgan Stanley increased their target price on Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Raymond James raised Cenovus Energy to a “moderate buy” rating in a research note on Tuesday, May 28th. Finally, StockNews.com downgraded Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cenovus Energy has an average rating of “Buy” and an average price target of $29.00.

Cenovus Energy Price Performance

NYSE CVE traded down $0.01 during mid-day trading on Friday, hitting $19.66. The stock had a trading volume of 5,372,902 shares, compared to its average volume of 9,791,919. Cenovus Energy Inc. has a 52-week low of $14.69 and a 52-week high of $21.90. The company has a market cap of $36.56 billion, a price-to-earnings ratio of 10.92 and a beta of 2.06. The company has a 50 day simple moving average of $19.98 and a 200 day simple moving average of $18.45. The company has a quick ratio of 1.01, a current ratio of 1.70 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Wednesday, May 1st. The oil and gas company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.11. The firm had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.98 billion. Cenovus Energy had a return on equity of 16.53% and a net margin of 8.73%. Equities analysts forecast that Cenovus Energy Inc. will post 2.04 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently announced a monthly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were issued a dividend of $0.0981 per share. This represents a $1.18 dividend on an annualized basis and a yield of 5.99%. The ex-dividend date of this dividend was Thursday, May 16th. Cenovus Energy’s dividend payout ratio (DPR) is presently 28.89%.

Cenovus Energy Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.