Cenovus Energy Inc $CVE Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia cut its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 21.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 5,971,323 shares of the oil and gas company’s stock after selling 1,598,546 shares during the quarter. Bank of Nova Scotia owned 0.33% of Cenovus Energy worth $81,231,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ridgewood Investments LLC bought a new position in Cenovus Energy during the second quarter valued at about $27,000. Atlantic Union Bankshares Corp acquired a new stake in Cenovus Energy in the 2nd quarter valued at about $27,000. Allworth Financial LP boosted its position in shares of Cenovus Energy by 104.3% during the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 1,168 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Cenovus Energy in the 1st quarter worth approximately $42,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Cenovus Energy by 57.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 1,800 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Trading Down 0.1%

NYSE:CVE opened at $18.32 on Monday. The stock has a market cap of $34.62 billion, a PE ratio of 15.01 and a beta of 0.52. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $18.75. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.73 and a quick ratio of 1.18. The stock’s 50-day moving average is $17.43 and its two-hundred day moving average is $15.89.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.40 by $0.12. Cenovus Energy had a net margin of 6.23% and a return on equity of 10.73%. The business had revenue of $10.87 billion during the quarter, compared to analysts’ expectations of $12.51 billion. During the same period last year, the company posted $0.42 earnings per share. The firm’s quarterly revenue was down 7.0% compared to the same quarter last year. As a group, equities research analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.4%. Cenovus Energy’s dividend payout ratio (DPR) is 47.54%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Raymond James Financial upgraded shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a report on Thursday, October 9th. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research note on Monday, August 25th. National Bank Financial upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. Zacks Research raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Finally, BMO Capital Markets set a $29.00 price target on Cenovus Energy in a research report on Monday, November 17th. Four analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $25.67.

Cenovus Energy Company 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.