Cenovus Energy Inc (CVE) Position Cut by Renaissance Technologies LLC

Renaissance Technologies LLC decreased its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 41.5% during the fourth quarter, Holdings Channel reports. The firm owned 739,800 shares of the company’s stock after selling 525,400 shares during the period. Renaissance Technologies LLC’s holdings in Cenovus Energy were worth $11,189,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. FMR LLC raised its position in shares of Cenovus Energy by 1.7% in the fourth quarter. FMR LLC now owns 32,850,699 shares of the company’s stock valued at $496,681,000 after buying an additional 555,185 shares during the period. TD Asset Management Inc. raised its position in shares of Cenovus Energy by 0.3% in the third quarter. TD Asset Management Inc. now owns 28,195,443 shares of the company’s stock valued at $403,972,000 after buying an additional 83,455 shares during the period. Bank of Montreal Can raised its position in shares of Cenovus Energy by 10.4% in the third quarter. Bank of Montreal Can now owns 23,146,668 shares of the company’s stock valued at $332,617,000 after buying an additional 2,188,441 shares during the period. Letko Brosseau & Associates Inc. raised its position in shares of Cenovus Energy by 2.2% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 13,821,342 shares of the company’s stock valued at $208,962,000 after buying an additional 300,625 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Cenovus Energy by 116.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,193,495 shares of the company’s stock valued at $103,065,000 after buying an additional 3,866,900 shares during the period. Institutional investors and hedge funds own 68.12% of the company’s stock.

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

Shares of Cenovus Energy Inc (NYSE:CVE) opened at 12.52 on Tuesday. The company’s market cap is $10.43 billion. Cenovus Energy Inc has a 1-year low of $11.66 and a 1-year high of $16.82. The stock’s 50 day moving average is $13.09 and its 200 day moving average is $14.36.

Cenovus Energy (NYSE:CVE) last released its quarterly earnings data on Thursday, February 16th. The company reported $0.29 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.32. Cenovus Energy had a negative net margin of 11.17% and a negative return on equity of 9.35%. During the same period in the prior year, the business posted ($0.53) earnings per share. On average, analysts predict that Cenovus Energy Inc will post $0.25 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be issued a $0.0382 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. The ex-dividend date is Monday, March 13th. This represents a $0.15 dividend on an annualized basis and a yield of 1.22%. Cenovus Energy’s dividend payout ratio is presently -12.93%.

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CVE has been the subject of several recent analyst reports. Macquarie lowered Cenovus Energy from a “neutral” rating to an “underperform” rating in a research report on Tuesday, January 24th. Goldman Sachs Group Inc lowered Cenovus Energy from a “buy” rating to a “sell” rating and set a $13.00 target price for the company. in a research report on Monday, January 23rd. Royal Bank of Canada restated an “outperform” rating and set a $25.00 target price (up previously from $24.00) on shares of Cenovus Energy in a research report on Saturday, December 10th. Edward Jones lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, December 13th. Finally, Zacks Investment Research upgraded Cenovus Energy from a “sell” rating to a “hold” rating in a research report on Friday, December 9th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $19.90.

About Cenovus Energy

Cenovus Energy Inc is a Canada-based integrated oil company. The Company is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGL) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. Its Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.

5 Day Chart for NYSE:CVE

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