Cenovus Energy Inc $CVE Stock Position Lowered by M&G PLC

M&G PLC cut its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 12.7% in the third quarter, HoldingsChannel.com reports. The fund owned 741,383 shares of the oil and gas company’s stock after selling 107,715 shares during the period. M&G PLC’s holdings in Cenovus Energy were worth $23,042,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Bank of America Corp DE lifted its holdings in Cenovus Energy by 111.2% in the 1st quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock valued at $604,107,000 after purchasing an additional 11,990,405 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Cenovus Energy by 13.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 17,730,316 shares of the oil and gas company’s stock worth $470,118,000 after purchasing an additional 2,117,875 shares in the last quarter. GQG Partners LLC acquired a new position in shares of Cenovus Energy during the 2nd quarter worth approximately $411,552,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Cenovus Energy during the 2nd quarter worth approximately $355,752,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Cenovus Energy during the 2nd quarter worth approximately $261,811,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Cenovus Energy in a report on Thursday, August 27th. Jefferies Financial Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Sunday, October 18th. Royal Bank Of Canada boosted their price objective on Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Sunday, October 11th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Monday, October 19th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $39.00.

Cenovus Energy Stock Up 0.5%

Shares of NYSE CVE opened at $27.57 on Tuesday. The company has a market capitalization of $50.09 billion, a P/E ratio of 8.13 and a beta of 0.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The company has a 50 day simple moving average of $31.85 and a 200-day simple moving average of $27.71. Cenovus Energy Inc has a 1 year low of $15.63 and a 1 year high of $34.16.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be paid a dividend of C$0.22 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $0.88 annualized dividend and a yield of 3.2%. Cenovus Energy’s dividend payout ratio (DPR) is 18.88%.

About Cenovus Energy

Cenovus Energy is an integrated energy company headquartered in Calgary, Alberta. Its activities include producing oil and natural gas, processing oil sands, refining crude oil and marketing energy products.

The company’s upstream operations include oil sands and conventional assets in Western Canada, as well as offshore production. Its downstream business operates refineries in Canada and the United States, helping connect its production with markets for refined products.

Cenovus was created in 2009 when Encana separated its integrated oil business.