Maryland State Retirement & Pension System Sells 38,078 Shares of Cenovus Energy Inc $CVE

Maryland State Retirement & Pension System reduced its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 13.2% during the 1st quarter, Holdings Channel.com reports. The fund owned 249,834 shares of the oil and gas company’s stock after selling 38,078 shares during the period. Maryland State Retirement & Pension System’s holdings in Cenovus Energy were worth $6,611,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Financial Management Professionals Inc. bought a new position in Cenovus Energy during the fourth quarter worth about $25,000. Transamerica Financial Advisors LLC boosted its holdings in Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,433 shares in the last quarter. NBC Securities Inc. grew its stake in shares of Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 1,500 shares during the period. Kestra Advisory Services LLC acquired a new position in shares of Cenovus Energy in the 4th quarter worth approximately $38,000. Finally, Geneos Wealth Management Inc. raised its holdings in shares of Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after buying an additional 1,384 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of NYSE:CVE opened at $27.39 on Thursday. The business has a fifty day moving average of $27.59 and a 200-day moving average of $24.25. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. Cenovus Energy Inc has a twelve month low of $13.90 and a twelve month high of $32.07. The firm has a market cap of $50.95 billion, a PE ratio of 15.05 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. During the same quarter in the prior year, the company earned $0.47 EPS. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. On average, equities research analysts predict that Cenovus Energy Inc will post 2.91 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.22 per share. The ex-dividend date was Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.2%. Cenovus Energy’s dividend payout ratio (DPR) is currently 34.62%.

Analysts Set New Price Targets

Several analysts recently commented on CVE shares. Wall Street Zen raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. UBS Group reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Thursday, April 9th. Royal Bank Of Canada increased their target price on shares of Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 19th. Finally, Weiss Ratings raised shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $35.25.

Cenovus Energy Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.