Wellington Management Group LLP reduced its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 83.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 141,826 shares of the oil and gas company’s stock after selling 713,278 shares during the period. Wellington Management Group LLP’s holdings in Cenovus Energy were worth $284,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the stock. Sunbelt Securities Inc. bought a new position in Cenovus Energy during the 4th quarter worth $4,110,000. Marshall Wace LLP acquired a new stake in Cenovus Energy during the 1st quarter worth about $25,000. Crossmark Global Holdings Inc. grew its holdings in Cenovus Energy by 7.2% during the 1st quarter. Crossmark Global Holdings Inc. now owns 60,112 shares of the oil and gas company’s stock worth $121,000 after acquiring an additional 4,043 shares during the period. Van ECK Associates Corp grew its holdings in Cenovus Energy by 4.5% during the 1st quarter. Van ECK Associates Corp now owns 107,326 shares of the oil and gas company’s stock worth $217,000 after acquiring an additional 4,577 shares during the period. Finally, BlackRock Inc. grew its holdings in Cenovus Energy by 2.4% during the 1st quarter. BlackRock Inc. now owns 326,616 shares of the oil and gas company’s stock worth $660,000 after acquiring an additional 7,772 shares during the period. 75.75% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE CVE opened at $4.68 on Wednesday. Cenovus Energy Inc has a fifty-two week low of $1.41 and a fifty-two week high of $10.82. The stock has a market cap of $5.47 billion, a price-to-earnings ratio of 26.00 and a beta of 2.65. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.43 and a current ratio of 0.71. The firm’s 50-day simple moving average is $4.45 and its 200 day simple moving average is $5.97.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported ($0.72) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.19) by ($0.53). Cenovus Energy had a net margin of 1.48% and a negative return on equity of 4.25%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.23 billion. On average, sell-side analysts predict that Cenovus Energy Inc will post -1.54 EPS for the current year.
A number of brokerages have weighed in on CVE. Tudor Pickering reiterated a “hold” rating on shares of Cenovus Energy in a report on Wednesday, April 29th. TD Securities reduced their target price on Cenovus Energy from $16.50 to $6.00 and set a “buy” rating for the company in a research note on Friday, March 13th. Scotiabank downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating and set a $6.50 target price for the company. in a research note on Thursday, June 11th. Zacks Investment Research downgraded Cenovus Energy from a “hold” rating to a “sell” rating and set a $4.00 target price for the company. in a research note on Monday, May 11th. Finally, UBS Group raised their target price on Cenovus Energy from $2.70 to $6.00 and gave the company a “neutral” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $9.33.
Cenovus Energy Company Profile
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake.
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