Waratah Capital Advisors Ltd. Reduces Holdings in Cenovus Energy Inc $CVE

Waratah Capital Advisors Ltd. reduced its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 66.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,678,336 shares of the oil and gas company’s stock after selling 3,321,664 shares during the period. Cenovus Energy accounts for 0.5% of Waratah Capital Advisors Ltd.’s portfolio, making the stock its 19th largest position. Waratah Capital Advisors Ltd. owned approximately 0.10% of Cenovus Energy worth $28,515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of CVE. Harvest Portfolios Group Inc. purchased a new stake in Cenovus Energy in the second quarter worth $2,557,000. Intact Investment Management Inc. boosted its holdings in shares of Cenovus Energy by 69.6% during the 3rd quarter. Intact Investment Management Inc. now owns 3,655,878 shares of the oil and gas company’s stock valued at $62,081,000 after buying an additional 1,500,590 shares in the last quarter. Boston Partners grew its position in shares of Cenovus Energy by 2.3% in the 2nd quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock worth $365,097,000 after buying an additional 606,042 shares during the period. Swiss National Bank increased its stake in shares of Cenovus Energy by 6.6% in the 2nd quarter. Swiss National Bank now owns 4,156,435 shares of the oil and gas company’s stock worth $56,341,000 after acquiring an additional 257,600 shares in the last quarter. Finally, Picton Mahoney Asset Management purchased a new position in Cenovus Energy during the 2nd quarter valued at about $74,895,000. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Stock Performance

Shares of NYSE CVE opened at $22.35 on Wednesday. The firm’s 50-day moving average price is $18.86 and its 200-day moving average price is $17.70. Cenovus Energy Inc has a 52-week low of $10.23 and a 52-week high of $23.39. The company has a market cap of $42.02 billion, a PE ratio of 14.61 and a beta of 0.48. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.08. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. The company had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $10.89 billion. During the same quarter last year, the company posted $0.07 earnings per share. As a group, analysts anticipate that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Friday, March 13th. Cenovus Energy’s dividend payout ratio is 37.25%.

Analyst Ratings Changes

A number of brokerages have recently commented on CVE. Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a research report on Tuesday, January 27th. Veritas downgraded Cenovus Energy from a “hold” rating to a “strong sell” rating in a report on Monday. BMO Capital Markets restated an “outperform” rating on shares of Cenovus Energy in a report on Friday. Scotiabank upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 20th. Finally, TD Securities reissued a “buy” rating on shares of Cenovus Energy in a research report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and an average price target of $27.33.

Cenovus Energy Profile

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.