Cenovus Energy Inc $CVE Shares Sold by Corigliano Investment Advisers LLC

Corigliano Investment Advisers LLC trimmed its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 48.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 545,000 shares of the oil and gas company’s stock after selling 515,000 shares during the quarter. Cenovus Energy makes up approximately 3.3% of Corigliano Investment Advisers LLC’s investment portfolio, making the stock its 10th largest position. Corigliano Investment Advisers LLC’s holdings in Cenovus Energy were worth $9,221,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Ninepoint Partners LP raised its stake in shares of Cenovus Energy by 490.0% during the 3rd quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock worth $60,145,000 after buying an additional 2,940,000 shares during the period. Lighthouse Investment Partners LLC raised its stake in shares of Cenovus Energy by 29.1% during the 3rd quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock worth $8,216,000 after buying an additional 109,000 shares during the period. Canoe Financial LP acquired a new position in shares of Cenovus Energy during the 4th quarter worth approximately $102,662,000. Massachusetts Financial Services Co. MA raised its stake in shares of Cenovus Energy by 24.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock worth $303,470,000 after buying an additional 3,507,525 shares during the period. Finally, TD Asset Management Inc raised its stake in shares of 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 worth $287,897,000 after buying an additional 595,518 shares during the period. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Stock Down 2.6%

Shares of CVE opened at $25.57 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. Cenovus Energy Inc has a one year low of $13.47 and a one year high of $32.07. The stock has a market capitalization of $47.82 billion, a price-to-earnings ratio of 14.05 and a beta of 0.34. The stock has a 50 day moving average price of $28.05 and a 200 day moving average price of $23.11.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.05. The company had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.47 EPS. Equities research analysts forecast that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.4%. The ex-dividend date is Monday, June 15th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is currently 35.16%.

Wall Street Analyst Weigh In

CVE has been the subject of several research reports. Lake Street Capital set a $36.00 price target on Cenovus Energy in a research report on Wednesday, May 13th. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, May 7th. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, June 1st. Finally, Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $35.25.

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.