Intech Investment Management LLC Sells 136,172 Shares of Cenovus Energy Inc. (NYSE:CVE)

Intech Investment Management LLC lessened its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 13.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 905,704 shares of the oil and gas company’s stock after selling 136,172 shares during the quarter. Intech Investment Management LLC’s holdings in Cenovus Energy were worth $13,722,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of CVE. Truvestments Capital LLC bought a new position in Cenovus Energy in the 3rd quarter valued at $25,000. Farther Finance Advisors LLC grew its position in Cenovus Energy by 104.9% in the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 851 shares during the last quarter. Sierra Ocean LLC bought a new position in Cenovus Energy in the 4th quarter valued at $67,000. Blue Trust Inc. grew its position in Cenovus Energy by 54.7% in the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after acquiring an additional 1,677 shares during the last quarter. Finally, SevenBridge Financial Group LLC bought a new position in Cenovus Energy in the 3rd quarter valued at $162,000. Institutional investors own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

CVE has been the topic of a number of recent research reports. National Bank Financial downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Finally, Royal Bank of Canada dropped their price target on Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.25.

Cenovus Energy Price Performance

Shares of CVE stock opened at $13.64 on Tuesday. Cenovus Energy Inc. has a 1-year low of $12.08 and a 1-year high of $21.90. The stock’s 50-day moving average is $14.47 and its 200 day moving average is $15.62. The company has a market cap of $24.86 billion, a P/E ratio of 11.27 and a beta of 1.99. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $11.08 billion. Research analysts predict that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.1269 dividend. This represents a $0.51 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend is Friday, March 14th. Cenovus Energy’s payout ratio is presently 40.50%.

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.