Mediolanum International Funds Ltd Sells 97,138 Shares of Cenovus Energy Inc $CVE

Mediolanum International Funds Ltd decreased its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 70.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 40,481 shares of the oil and gas company’s stock after selling 97,138 shares during the period. Mediolanum International Funds Ltd’s holdings in Cenovus Energy were worth $1,077,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Financial Management Professionals Inc. bought a new position in Cenovus Energy in the 4th quarter valued at approximately $25,000. Transamerica Financial Advisors LLC increased its holdings in shares of Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 1,433 shares in the last quarter. NBC Securities Inc. increased its holdings 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 worth $28,000 after purchasing an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Cenovus Energy in the 4th quarter worth $38,000. Finally, Advisory Services Network LLC purchased a new position in shares of Cenovus Energy in the third quarter worth $50,000. Institutional investors own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CVE shares. Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Finally, Zacks Research downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $35.25.

Cenovus Energy Price Performance

Shares of CVE opened at $28.78 on Wednesday. The firm has a fifty day simple moving average of $27.52 and a two-hundred day simple moving average of $24.57. The firm has a market cap of $53.54 billion, a PE ratio of 15.81 and a beta of 0.34. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. Cenovus Energy Inc has a 1-year low of $13.98 and a 1-year high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The firm had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. During the same period last year, the business posted $0.47 EPS. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, equities analysts anticipate that Cenovus Energy Inc will post 3.02 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.22 dividend. 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 yield of 3.1%. The ex-dividend date of this dividend was Monday, June 15th. Cenovus Energy’s dividend payout ratio is currently 34.62%.

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.