Wellington Management Group LLP Lowers Stake in Cenovus Energy Inc $CVE

Wellington Management Group LLP lessened its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 2.3% in the 2nd quarter, Holdings Channel reports. The firm owned 5,935,567 shares of the oil and gas company’s stock after selling 136,902 shares during the period. Wellington Management Group LLP’s holdings in Cenovus Energy were worth $147,224,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVE. Capital Research Global Investors grew its holdings in shares of Cenovus Energy by 16.6% during the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after buying an additional 17,730,542 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Cenovus Energy during the 2nd quarter worth approximately $423,886,000. GQG Partners LLC purchased a new position in shares of Cenovus Energy in the 2nd quarter valued at approximately $411,552,000. Bank of America Corp DE purchased a new position in shares of Cenovus Energy in the 2nd quarter valued at approximately $369,701,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Cenovus Energy in the second quarter valued at approximately $355,752,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Trading Up 1.9%

Shares of CVE stock opened at $32.17 on Tuesday. The business’s fifty day moving average price is $28.53 and its 200 day moving average price is $26.98. The firm has a market capitalization of $59.50 billion, a PE ratio of 12.37 and a beta of 0.34. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. Cenovus Energy Inc has a 1-year low of $15.63 and a 1-year high of $33.40.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting analysts’ consensus estimates of $1.11. The company had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.Cenovus Energy’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 earnings per share. As a group, sell-side analysts forecast that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. Cenovus Energy’s dividend payout ratio (DPR) is 24.62%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Lake Street Capital set a $36.00 price target on Cenovus Energy in a research note on Wednesday, May 13th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Cenovus Energy in a research note on Thursday. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. Finally, Raymond James Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.25.

Cenovus Energy Company 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.