King Luther Capital Management Corp Reduces Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)

King Luther Capital Management Corp cut its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 1.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 114,530 shares of the oil and gas company’s stock after selling 1,105 shares during the quarter. King Luther Capital Management Corp’s holdings in Cenovus Energy were worth $1,916,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Blue Trust Inc. lifted its holdings in shares of Cenovus Energy by 640.3% in the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 2,651 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after purchasing an additional 643 shares during the last quarter. Everpar Advisors LLC purchased a new position in shares of Cenovus Energy during the second quarter valued at approximately $211,000. FCG Investment Co purchased a new stake in shares of Cenovus Energy in the third quarter worth approximately $211,000. Finally, Washington Trust Bank bought a new stake in shares of Cenovus Energy during the 3rd quarter worth approximately $214,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Price Performance

CVE opened at $16.18 on Friday. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The business’s fifty day simple moving average is $16.73 and its 200-day simple moving average is $18.40. The company has a market capitalization of $29.54 billion, a price-to-earnings ratio of 11.16 and a beta of 2.05. Cenovus Energy Inc. has a 12-month low of $14.69 and a 12-month high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The business had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. During the same quarter last year, the firm posted $0.72 EPS. The company’s revenue for the quarter was down 17.9% on a year-over-year basis. On average, equities research analysts anticipate that Cenovus Energy Inc. will post 1.5 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.133 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date is Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a yield of 3.29%. Cenovus Energy’s payout ratio is 36.55%.

Analyst Ratings Changes

CVE has been the topic of several research analyst reports. TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. BMO Capital Markets cut their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a report on Monday, November 18th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

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.