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CIBC Asset Management Inc Cuts Position in Cenovus Energy Inc (NYSE:CVE)

By August 28, 2019 No Comments

CIBC Asset Management Inc trimmed its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 14.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 13,954,887 shares of the oil and gas company’s stock after selling 2,314,097 shares during the period. CIBC Asset Management Inc owned about 1.14% of Cenovus Energy worth $123,077,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in CVE. Toronto Dominion Bank raised its stake in shares of Cenovus Energy by 86.7% in the 1st quarter. Toronto Dominion Bank now owns 10,561,430 shares of the oil and gas company’s stock valued at $91,668,000 after acquiring an additional 4,906,038 shares during the period. First Eagle Investment Management LLC raised its stake in shares of Cenovus Energy by 20.3% in the 1st quarter. First Eagle Investment Management LLC now owns 26,109,212 shares of the oil and gas company’s stock valued at $226,628,000 after acquiring an additional 4,408,987 shares during the period. TD Asset Management Inc. raised its stake in shares of Cenovus Energy by 5.5% in the 1st quarter. TD Asset Management Inc. now owns 41,466,654 shares of the oil and gas company’s stock valued at $360,058,000 after acquiring an additional 2,147,335 shares during the period. Mak Capital One LLC purchased a new stake in shares of Cenovus Energy in the 1st quarter valued at approximately $17,420,000. Finally, Caymus Capital Partners L.P. purchased a new stake in shares of Cenovus Energy in the 2nd quarter valued at approximately $12,680,000. 75.67% of the stock is currently owned by institutional investors and hedge funds.

CVE traded down $0.06 during trading hours on Tuesday, hitting $8.35. 103,512 shares of the company’s stock were exchanged, compared to its average volume of 3,182,401. Cenovus Energy Inc has a 12-month low of $6.15 and a 12-month high of $10.65. The firm has a 50 day moving average of $8.88 and a 200 day moving average of $8.87. The firm has a market cap of $10.43 billion, a P/E ratio of -4.83, a price-to-earnings-growth ratio of 2.58 and a beta of 0.97. The company has a current ratio of 1.02, a quick ratio of 0.54 and a debt-to-equity ratio of 0.41.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, July 25th. The oil and gas company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.07). Cenovus Energy had a negative return on equity of 8.70% and a net margin of 1.25%. The business had revenue of $4.43 billion for the quarter, compared to analysts’ expectations of $4.38 billion. During the same period in the previous year, the company earned ($0.24) earnings per share. As a group, research analysts expect that Cenovus Energy Inc will post 0.54 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.038 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.82%. Cenovus Energy’s dividend payout ratio is currently -8.62%.

A number of equities research analysts have recently issued reports on the stock. ValuEngine downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, April 29th. CIBC raised shares of Cenovus Energy from a “neutral” rating to an “outperform” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $13.41.

About Cenovus Energy

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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