DORCHESTER WEALTH MANAGEMENT Co Reduces Position in Cenovus Energy Inc (CVE)

DORCHESTER WEALTH MANAGEMENT Co lowered its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 8.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 449,006 shares of the oil and gas company’s stock after selling 42,075 shares during the quarter. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Cenovus Energy were worth $4,109,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sowell Financial Services LLC acquired a new stake in Cenovus Energy during the third quarter worth $106,000. First Commonwealth Financial Corp PA acquired a new stake in Cenovus Energy during the second quarter worth $114,000. Timber Hill LLC acquired a new stake in Cenovus Energy during the third quarter worth $114,000. Sciencast Management LP acquired a new stake in Cenovus Energy during the second quarter worth $124,000. Finally, Cutler Capital Management LLC acquired a new stake in Cenovus Energy during the third quarter worth $125,000. 56.78% of the stock is currently owned by institutional investors and hedge funds.

Shares of Cenovus Energy Inc (NYSE:CVE) traded down $0.15 during trading hours on Thursday, hitting $10.51. 1,859,732 shares of the stock traded hands, compared to its average volume of 3,800,000. Cenovus Energy Inc has a 52 week low of $6.76 and a 52 week high of $14.87. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.41 and a quick ratio of 1.10. The firm has a market cap of $12,910.00, a P/E ratio of 4.57, a PEG ratio of 8.84 and a beta of 0.62.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, November 2nd. The oil and gas company reported $0.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.10. Cenovus Energy had a net margin of 17.45% and a return on equity of 6.19%. equities research analysts predict that Cenovus Energy Inc will post 0.59 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were paid a $0.039 dividend. The ex-dividend date was Thursday, December 14th. This represents a $0.16 annualized dividend and a dividend yield of 1.48%. Cenovus Energy’s dividend payout ratio is presently 6.96%.

A number of equities research analysts have weighed in on the stock. Desjardins reiterated a “hold” rating on shares of Cenovus Energy in a research note on Friday, January 12th. Zacks Investment Research downgraded shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research note on Monday, January 8th. Scotiabank downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, November 15th. AltaCorp Capital downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Thursday, November 9th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $15.50 price target on shares of Cenovus Energy in a research note on Monday, October 30th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $14.42.

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About Cenovus Energy

Cenovus Energy Inc is a Canada-based integrated oil company. It operates in the business of developing, producing and marketing crude oil, Natural Gas Liquids (NGLs) and natural gas in Canada. The Company also conducts marketing activities and owns refining interests in the United States (U.S.). Its segments include: Oil Sands, which includes the development and production of bitumen and natural gas in northeast Alberta; Conventional, which includes the development and production of conventional crude oil, NGLs and natural gas in Alberta and Saskatchewan, including the heavy oil assets at Pelican Lake, the carbon dioxide (CO2) enhanced oil recovery (EOR) project at Weyburn and emerging tight oil opportunities; Refining and Marketing, which includes transporting and selling crude oil and natural gas and joint ownership of refineries in the U.S., as well as Corporate and Eliminations.

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Institutional Ownership by Quarter for Cenovus Energy (NYSE:CVE)

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