CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Sells 13,000 Shares of Cenovus Energy Inc. (NYSE:CVE)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lessened its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 4.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 264,000 shares of the oil and gas company’s stock after selling 13,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Cenovus Energy were worth $4,417,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Capital International Investors lifted its holdings in shares of Cenovus Energy by 216.3% during the 1st quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock valued at $678,250,000 after purchasing an additional 23,202,018 shares in the last quarter. Boston Partners boosted its holdings in shares of Cenovus Energy by 29.0% in the first quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock valued at $750,435,000 after buying an additional 8,438,979 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Cenovus Energy by 22,396.6% during the second quarter. Assenagon Asset Management S.A. now owns 7,429,036 shares of the oil and gas company’s stock worth $146,054,000 after acquiring an additional 7,396,013 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in shares of Cenovus Energy by 81.1% during the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock worth $246,507,000 after acquiring an additional 5,613,320 shares during the period. Finally, Acadian Asset Management LLC lifted its position in Cenovus Energy by 32,791.8% in the 2nd quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company’s stock valued at $87,246,000 after acquiring an additional 4,426,891 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on CVE shares. Scotiabank dropped their price target on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. BMO Capital Markets reduced their target price on shares of Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Finally, StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Cenovus Energy Stock Up 0.6 %

Shares of CVE traded up $0.10 during mid-day trading on Tuesday, reaching $17.01. The company had a trading volume of 4,593,605 shares, compared to its average volume of 8,905,370. Cenovus Energy Inc. has a 52 week low of $14.69 and a 52 week high of $21.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66. The firm has a 50-day moving average price of $17.68 and a 200 day moving average price of $19.14. The company has a market capitalization of $31.63 billion, a price-to-earnings ratio of 9.39 and a beta of 2.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.13). The firm had revenue of $10.88 billion during the quarter, compared to analysts’ expectations of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. On average, sell-side analysts forecast that Cenovus Energy Inc. will post 1.84 EPS for the current year.

Cenovus Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.132 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.53 dividend on an annualized basis and a yield of 3.10%. Cenovus Energy’s dividend payout ratio is presently 29.44%.

Cenovus Energy Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.