SIR Capital Management L.P. Decreases Stake in Cenovus Energy Inc $CVE

SIR Capital Management L.P. reduced its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 61.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 525,700 shares of the oil and gas company’s stock after selling 851,300 shares during the period. SIR Capital Management L.P.’s holdings in Cenovus Energy were worth $8,895,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Capital Research Global Investors lifted its position in shares of Cenovus Energy by 16.6% in 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 in the last quarter. Vanguard Group Inc. lifted its position in shares of Cenovus Energy by 12.8% in the fourth quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock worth $1,074,660,000 after buying an additional 7,197,843 shares in the last quarter. Capital International Investors lifted its position in shares of Cenovus Energy by 3.9% in the fourth quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock worth $862,505,000 after buying an additional 1,903,432 shares in the last quarter. Mackenzie Financial Corp raised its position in Cenovus Energy by 46.7% during the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after purchasing an additional 9,753,134 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Cenovus Energy by 5.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 18,018,995 shares of the oil and gas company’s stock valued at $304,894,000 after purchasing an additional 855,618 shares during the period. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Trading Down 0.9%

Shares of CVE stock opened at $28.24 on Friday. Cenovus Energy Inc has a 1 year low of $13.47 and a 1 year high of $32.07. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. The stock’s 50 day simple moving average is $28.07 and its two-hundred day simple moving average is $22.89. The company has a market cap of $52.79 billion, a PE ratio of 15.51 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, beating 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 business had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. During the same period in the prior year, the business posted $0.47 earnings per share. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. Research analysts predict that Cenovus Energy Inc will post 3.15 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Monday, June 15th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is presently 32.42%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CVE shares. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. TD Securities restated a “buy” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, May 7th. BMO Capital Markets restated an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Finally, Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus 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.