Fmr LLC Has $925.76 Million Stock Position in Cenovus Energy Inc. (NYSE:CVE)

Fmr LLC cut its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 5.9% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 55,349,895 shares of the oil and gas company’s stock after selling 3,439,675 shares during the quarter. Fmr LLC’s holdings in Cenovus Energy were worth $925,760,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Smead Capital Management Inc. lifted its position in shares of Cenovus Energy by 39.3% during the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock valued at $257,831,000 after acquiring an additional 4,351,960 shares during the period. Entropy Technologies LP acquired a new position in shares of Cenovus Energy during the third quarter valued at about $3,472,000. Atria Investments Inc bought a new position in shares of Cenovus Energy during the 1st quarter worth about $1,482,000. Manning & Napier Advisors LLC acquired a new stake in shares of Cenovus Energy in the 2nd quarter valued at about $2,946,000. Finally, M&G Plc increased its position in Cenovus Energy by 2.4% in the 2nd quarter. M&G Plc now owns 3,496,370 shares of the oil and gas company’s stock valued at $69,013,000 after buying an additional 82,840 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CVE shares. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, BMO Capital Markets dropped their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cenovus Energy has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Trading Up 1.5 %

NYSE CVE opened at $15.71 on Thursday. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $28.69 billion, a P/E ratio of 10.83 and a beta of 2.05. The business has a fifty day simple moving average of $16.69 and a 200 day simple moving average of $18.27. Cenovus Energy Inc. has a 12 month low of $14.69 and a 12 month high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.08. The company had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. Cenovus Energy’s quarterly revenue was down 17.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 earnings per share. On average, analysts predict that Cenovus Energy Inc. will post 1.5 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.133 dividend. This represents a $0.53 dividend on an annualized basis and a yield of 3.39%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s payout ratio is presently 36.55%.

Cenovus Energy Company Profile

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.