Public Sector Pension Investment Board Has $25,720,000 Stake in Cenovus Energy Inc (CVE)
Public Sector Pension Investment Board cut its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 14.2% during the fourth quarter, Holdings Channel reports. The fund owned 1,699,086 shares of the company’s stock after selling 280,900 shares during the period. Public Sector Pension Investment Board owned about 0.20% of Cenovus Energy worth $25,720,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Cenovus Energy by 2.8% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,375,384 shares of the company’s stock valued at $32,705,000 after buying an additional 64,502 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its position in shares of Cenovus Energy by 94.4% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 3,330,054 shares of the company’s stock valued at $59,508,000 after buying an additional 1,617,200 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Cenovus Energy by 0.3% in the second quarter. Ameriprise Financial Inc. now owns 96,679 shares of the company’s stock valued at $1,336,000 after buying an additional 333 shares during the last quarter. Montgomery Investment Management Inc. increased its position in shares of Cenovus Energy by 49.2% in the second quarter. Montgomery Investment Management Inc. now owns 107,906 shares of the company’s stock valued at $1,491,000 after buying an additional 35,586 shares during the last quarter. Finally, Sprott Inc. purchased a new position in shares of Cenovus Energy during the second quarter valued at approximately $6,219,000. 68.12% of the stock is currently owned by institutional investors.
Shares of Cenovus Energy Inc (NYSE:CVE) traded up 1.02% during mid-day trading on Thursday, hitting $13.87. 4,491,665 shares of the stock were exchanged. The stock’s 50 day moving average is $14.25 and its 200 day moving average is $14.66. The firm’s market cap is $11.56 billion. Cenovus Energy Inc has a 12 month low of $10.02 and a 12 month high of $16.82.
Cenovus Energy (NYSE:CVE) last released its quarterly earnings results on Thursday, February 16th. The company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.32. Cenovus Energy had a negative return on equity of 9.35% and a negative net margin of 11.17%. During the same quarter last year, the firm posted ($0.53) EPS. Analysts expect that Cenovus Energy Inc will post ($0.67) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be issued a dividend of $0.0382 per share. This represents a $0.15 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend is Monday, March 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s dividend payout ratio is presently -12.93%.
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Several research analysts recently commented on CVE shares. RBC Capital Markets reaffirmed an “outperform” rating and issued a $23.00 target price on shares of Cenovus Energy in a research note on Wednesday, October 26th. Zacks Investment Research cut shares of Cenovus Energy from a “hold” rating to a “sell” rating in a report on Thursday, October 27th. Scotiabank reiterated an “outperform” rating and issued a $21.00 price target (up previously from $20.00) on shares of Cenovus Energy in a report on Saturday, October 29th. TD Securities reiterated a “hold” rating and issued a $21.00 price target on shares of Cenovus Energy in a report on Saturday, October 29th. Finally, Goldman Sachs Group, Inc. (The) cut shares of Cenovus Energy from a “conviction-buy” rating to a “buy” rating in a report on Monday, November 28th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. Cenovus Energy presently has an average rating of “Hold” and an average target price of $20.27.
Cenovus Energy Company Profile
Cenovus Energy Inc is a Canada-based integrated oil company. It is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. The Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.
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