Connor Clark & Lunn Investment Management Ltd. Reduces Position in Cenovus Energy Inc (CVE)

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Connor Clark & Lunn Investment Management Ltd. lowered its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 52.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,046,456 shares of the oil and gas company’s stock after selling 1,137,538 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Cenovus Energy were worth $9,086,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Mn Services Vermogensbeheer B.V. purchased a new stake in Cenovus Energy in the fourth quarter worth approximately $2,407,000. Hartree Partners LP boosted its holdings in Cenovus Energy by 746.7% in the first quarter. Hartree Partners LP now owns 635,000 shares of the oil and gas company’s stock worth $5,512,000 after purchasing an additional 560,000 shares during the last quarter. SeaBridge Investment Advisors LLC purchased a new stake in Cenovus Energy in the first quarter worth approximately $26,000. Whittier Trust Co. boosted its holdings in Cenovus Energy by 52.8% in the fourth quarter. Whittier Trust Co. now owns 11,876 shares of the oil and gas company’s stock worth $84,000 after purchasing an additional 4,104 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Cenovus Energy by 31.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 836,666 shares of the oil and gas company’s stock worth $5,881,000 after purchasing an additional 197,921 shares during the last quarter. Institutional investors own 77.61% of the company’s stock.

Shares of Cenovus Energy stock opened at $8.24 on Friday. The firm has a market cap of $10.13 billion, a PE ratio of -4.74, a price-to-earnings-growth ratio of 2.46 and a beta of 0.85. Cenovus Energy Inc has a 1-year low of $6.15 and a 1-year high of $11.29. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.65 and a current ratio of 1.10.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, April 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by ($0.08). The business had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.75 billion. Cenovus Energy had a negative return on equity of 11.69% and a negative net margin of 8.68%. During the same quarter in the prior year, the business earned ($0.74) EPS. As a group, equities analysts expect that Cenovus Energy Inc will post 0.59 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.0373 per share. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend is Thursday, June 13th. Cenovus Energy’s dividend payout ratio (DPR) is -8.62%.

CVE has been the topic of several research reports. GMP Securities restated a “buy” rating and issued a $17.50 target price on shares of Cenovus Energy in a report on Thursday, April 25th. ValuEngine upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Tuesday, April 23rd. Morgan Stanley reiterated a “hold” rating on shares of Cenovus Energy in a research note on Tuesday, January 29th. Goldman Sachs Group upgraded shares of Cenovus Energy from a “sell” rating to a “neutral” rating and set a $11.00 price target on the stock in a research note on Tuesday, April 16th. Finally, CIBC cut shares of Cenovus Energy from a “sector outperform” rating to a “neutral” rating in a research note on Thursday, January 31st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $13.41.

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Cenovus Energy Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake.

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

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