Quarry LP Grows Holdings in Cenovus Energy Inc. (NYSE:CVE)

Quarry LP increased its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 12.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 34,720 shares of the oil and gas company’s stock after acquiring an additional 3,906 shares during the quarter. Quarry LP’s holdings in Cenovus Energy were worth $526,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its position in shares of Cenovus Energy by 104.9% in the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 851 shares during the last quarter. Sierra Ocean LLC bought a new stake in Cenovus Energy in the fourth quarter valued at about $67,000. Blue Trust Inc. raised its stake in Cenovus Energy by 54.7% during the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after buying an additional 1,677 shares in the last quarter. Natixis acquired a new position in shares of Cenovus Energy in the 4th quarter worth approximately $98,000. Finally, Empirical Asset Management LLC acquired a new stake in shares of Cenovus Energy during the 4th quarter valued at approximately $174,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVE has been the subject of several recent research reports. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $25.00 price target on shares of Cenovus Energy in a research report on Friday, April 11th. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. National Bank Financial lowered Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. Finally, National Bankshares reissued a “sector perform” rating on shares of Cenovus Energy in a report on Friday. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $12.07 on Friday. The firm’s 50-day simple moving average is $12.95 and its 200 day simple moving average is $14.66. The stock has a market cap of $22.00 billion, a P/E ratio of 9.98 and a beta of 1.46. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc. has a fifty-two week low of $10.23 and a fifty-two week high of $21.58.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.27). Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $11.08 billion. Equities analysts expect that Cenovus Energy Inc. will post 1.49 EPS for the current year.

Cenovus Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.1269 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.51 annualized dividend and a yield of 4.20%. Cenovus Energy’s dividend payout ratio (DPR) is 40.50%.

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.