K.J. Harrison & Partners Inc Increases Position in Cenovus Energy Inc. (NYSE:CVE)

K.J. Harrison & Partners Inc lifted its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 26.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 330,045 shares of the oil and gas company’s stock after acquiring an additional 68,300 shares during the period. K.J. Harrison & Partners Inc’s holdings in Cenovus Energy were worth $5,045,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Wahed Invest LLC raised its holdings in Cenovus Energy by 5.6% in the third quarter. Wahed Invest LLC now owns 16,489 shares of the oil and gas company’s stock worth $276,000 after purchasing an additional 875 shares in the last quarter. Montgomery Investment Management Inc. grew its position in shares of Cenovus Energy by 1.6% in the 4th quarter. Montgomery Investment Management Inc. now owns 56,535 shares of the oil and gas company’s stock worth $857,000 after buying an additional 894 shares during the last quarter. Harmony Asset Management LLC grew its position in shares of Cenovus Energy by 8.1% in the 3rd quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company’s stock worth $224,000 after buying an additional 1,000 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Cenovus Energy by 1.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company’s stock worth $1,287,000 after acquiring an additional 1,209 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its position in Cenovus Energy by 3.2% during the third quarter. TD Private Client Wealth LLC now owns 40,194 shares of the oil and gas company’s stock valued at $672,000 after acquiring an additional 1,236 shares during the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Stock Down 1.0 %

Shares of CVE stock opened at $13.92 on Thursday. Cenovus Energy Inc. has a fifty-two week low of $13.76 and a fifty-two week high of $21.90. The firm has a market capitalization of $25.38 billion, a PE ratio of 11.50 and a beta of 1.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The stock’s 50-day simple moving average is $14.96 and its 200-day simple moving average is $16.20.

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

Cenovus Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.1269 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.51 annualized dividend and a dividend yield of 3.65%. Cenovus Energy’s dividend payout ratio (DPR) is presently 40.50%.

Analyst Ratings Changes

CVE has been the topic of several analyst reports. Royal Bank of Canada cut their price target on shares of Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. BMO Capital Markets dropped their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note 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. Finally, National Bank Financial downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $29.25.

Cenovus Energy 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.