King Luther Capital Management Corp Sells 1,105 Shares of Cenovus Energy Inc. (NYSE:CVE)

King Luther Capital Management Corp reduced its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 1.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 114,530 shares of the oil and gas company’s stock after selling 1,105 shares during the period. King Luther Capital Management Corp’s holdings in Cenovus Energy were worth $1,916,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Smead Capital Management Inc. increased its stake in shares of Cenovus Energy by 39.3% in the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock worth $257,831,000 after purchasing an additional 4,351,960 shares in the last quarter. Entropy Technologies LP bought a new position in shares of Cenovus Energy in the third quarter worth about $3,472,000. Atria Investments Inc purchased a new position in shares of Cenovus Energy during the 1st quarter valued at about $1,482,000. Manning & Napier Advisors LLC bought a new position in shares of Cenovus Energy during the 2nd quarter valued at approximately $2,946,000. Finally, M&G Plc increased its holdings 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 worth $69,013,000 after acquiring 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

A number of equities analysts have weighed in on the stock. TD Securities lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Finally, BMO Capital Markets lowered their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Stock Down 0.2 %

CVE opened at $16.18 on Friday. Cenovus Energy Inc. has a 52 week low of $14.69 and a 52 week high of $21.90. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The firm has a 50-day simple moving average of $16.73 and a two-hundred day simple moving average of $18.40. The company has a market capitalization of $29.54 billion, a PE ratio of 11.16 and a beta of 2.05.

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

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.133 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a yield of 3.29%. Cenovus Energy’s dividend 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.