Moore Capital Management LP Sells 764,868 Shares of Cenovus Energy Inc. (NYSE:CVE)

Moore Capital Management LP decreased its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 66.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 388,890 shares of the oil and gas company’s stock after selling 764,868 shares during the period. Moore Capital Management LP’s holdings in Cenovus Energy were worth $5,892,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its position in shares of Cenovus Energy by 104.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after buying an additional 851 shares in the last quarter. Sierra Ocean LLC purchased a new stake in shares of Cenovus Energy in the fourth quarter worth about $67,000. Blue Trust Inc. lifted its position in shares of Cenovus Energy by 54.7% in the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock worth $72,000 after buying an additional 1,677 shares in the last quarter. Natixis purchased a new stake in shares of Cenovus Energy in the fourth quarter worth about $98,000. Finally, Black Maple Capital Management LP purchased a new stake in shares of Cenovus Energy in the fourth quarter worth about $167,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of CVE opened at $13.71 on Tuesday. The stock has a 50-day moving average of $12.60 and a two-hundred day moving average of $14.27. Cenovus Energy Inc. has a one year low of $10.23 and a one year high of $21.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The stock has a market cap of $24.99 billion, a P/E ratio of 11.33 and a beta of 0.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, May 8th. The oil and gas company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. The company had revenue of $11.15 billion during the quarter, compared to analysts’ expectations of $12.39 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. During the same quarter in the previous year, the firm posted $0.62 EPS. As a group, research analysts predict 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. Investors of record on Friday, March 14th were paid a $0.1269 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.51 annualized dividend and a dividend yield of 3.70%. Cenovus Energy’s dividend payout ratio is presently 51.40%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CVE shares. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $25.00 price target on shares of Cenovus Energy in a report on Friday, April 11th. National Bankshares reiterated a “sector perform” rating on shares of Cenovus Energy in a report on Friday, April 25th. National Bank Financial downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.75.

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.