Baker Ellis Asset Management LLC Decreases Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)

Baker Ellis Asset Management LLC cut its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 80.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,900 shares of the oil and gas company’s stock after selling 53,500 shares during the quarter. Baker Ellis Asset Management LLC’s holdings in Cenovus Energy were worth $195,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC raised its position in Cenovus Energy by 24.0% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 18,899 shares of the oil and gas company’s stock valued at $372,000 after purchasing an additional 3,652 shares during the period. AXA S.A. raised its holdings in Cenovus Energy by 14.7% during the 2nd quarter. AXA S.A. now owns 36,051 shares of the oil and gas company’s stock valued at $709,000 after buying an additional 4,623 shares during the period. Mackenzie Financial Corp lifted its position in Cenovus Energy by 5.3% in the second quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock worth $219,897,000 after buying an additional 562,663 shares during the last quarter. Ninepoint Partners LP boosted its stake in Cenovus Energy by 19.0% during the second quarter. Ninepoint Partners LP now owns 7,500,000 shares of the oil and gas company’s stock worth $147,450,000 after buying an additional 1,200,000 shares during the period. Finally, SkyView Investment Advisors LLC increased its position in Cenovus Energy by 13.2% during the second quarter. SkyView Investment Advisors LLC now owns 41,510 shares of the oil and gas company’s stock valued at $816,000 after acquiring an additional 4,830 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CVE. BMO Capital Markets lowered their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Finally, Royal Bank of Canada restated an “outperform” rating and set a $28.00 price objective on shares of Cenovus Energy in a report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Stock Up 0.2 %

Shares of NYSE:CVE opened at $15.00 on Friday. The business’s 50 day moving average is $15.26 and its 200 day moving average is $16.97. The stock has a market cap of $27.38 billion, a P/E ratio of 10.35 and a beta of 2.01. Cenovus Energy Inc. has a 52-week low of $14.20 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.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.08. The business had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business’s revenue was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.72 EPS. Sell-side analysts predict that Cenovus Energy Inc. will post 1.4 EPS for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were issued a $0.133 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.53 annualized dividend and a dividend yield of 3.55%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s payout ratio is currently 35.17%.

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.