Manning & Napier Advisors LLC Reduces Position in Cenovus Energy Inc. (NYSE:CVE)

Manning & Napier Advisors LLC cut its stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 7.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,947 shares of the oil and gas company’s stock after selling 11,212 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Cenovus Energy were worth $2,105,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Truvestments Capital LLC purchased a new stake in shares of Cenovus Energy during the third quarter valued at $25,000. Blue Trust Inc. boosted its holdings in Cenovus Energy by 640.3% in the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 2,651 shares during the last quarter. SevenBridge Financial Group LLC purchased a new stake in Cenovus Energy in the third quarter valued at $162,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 643 shares during the last quarter. Finally, Empirical Asset Management LLC purchased a new stake in Cenovus Energy in the fourth quarter valued at $174,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CVE has been the topic of several recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $28.00 price target on shares of Cenovus Energy in a report on Monday, January 6th. StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. Finally, BMO Capital Markets lowered their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Stock Down 0.4 %

CVE opened at $14.90 on Friday. Cenovus Energy Inc. has a twelve month low of $14.20 and a twelve month high of $21.90. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average price of $15.14 and a 200 day moving average price of $16.80. The company has a market cap of $27.20 billion, a PE ratio of 10.28 and a beta of 2.01.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The firm had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. During the same quarter in the prior year, the firm earned $0.72 EPS. The company’s revenue for the quarter was down 17.9% on a year-over-year basis. Sell-side analysts expect that Cenovus Energy Inc. will post 1.4 earnings per share for the current fiscal year.

About Cenovus Energy

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.