Addenda Capital Inc. Sells 24,140 Shares of Cenovus Energy Inc. (NYSE:CVE)

Addenda Capital Inc. trimmed its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 4.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 472,520 shares of the oil and gas company’s stock after selling 24,140 shares during the quarter. Addenda Capital Inc.’s holdings in Cenovus Energy were worth $9,290,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Financial Perspectives Inc bought a new stake in shares of Cenovus Energy in the 4th quarter worth approximately $28,000. Fifth Third Bancorp boosted its position in shares of Cenovus Energy by 80.3% in the 1st quarter. Fifth Third Bancorp now owns 1,453 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 647 shares in the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of Cenovus Energy in the 1st quarter worth approximately $30,000. Headlands Technologies LLC bought a new stake in shares of Cenovus Energy in the 4th quarter worth approximately $33,000. Finally, Spire Wealth Management boosted its position in shares of Cenovus Energy by 41.9% in the 4th quarter. Spire Wealth Management now owns 2,305 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 681 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CVE shares. Raymond James raised Cenovus Energy to a “moderate buy” rating in a research report on Tuesday, May 28th. StockNews.com cut Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 26th. Finally, Scotiabank lowered their price objective on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Cenovus Energy currently has an average rating of “Buy” and an average price target of $30.67.

Cenovus Energy Stock Performance

Shares of NYSE:CVE traded up $0.12 during midday trading on Wednesday, hitting $19.27. The company had a trading volume of 9,226,209 shares, compared to its average volume of 9,235,854. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.70 and a quick ratio of 1.01. The company has a market cap of $35.83 billion, a price-to-earnings ratio of 10.69 and a beta of 2.07. Cenovus Energy Inc. has a 12-month low of $14.69 and a 12-month high of $21.90. The company has a fifty day moving average of $19.29 and a two-hundred day moving average of $19.23.

Cenovus Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.132 dividend. This represents a $0.53 annualized dividend and a yield of 2.74%. The ex-dividend date is Friday, September 13th. Cenovus Energy’s dividend payout ratio is currently 28.89%.

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.