Connor Clark & Lunn Investment Management Ltd. Sells 4,965,726 Shares of Cenovus Energy Inc. (NYSE:CVE)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Cenovus Energy Inc. (NYSE:CVE – Free Report) (TSE:CVE) by 82.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,064,499 shares of the oil and gas company’s stock after selling 4,965,726 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Cenovus Energy were worth $16,116,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Truvestments Capital LLC acquired a new position in shares of Cenovus Energy during the 3rd quarter worth $25,000. Farther Finance Advisors LLC grew its position in Cenovus Energy by 104.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 851 shares during the last quarter. Sierra Ocean LLC acquired a new position in Cenovus Energy during the fourth quarter worth about $67,000. Blue Trust Inc. increased its position in Cenovus Energy by 54.7% during the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock worth $72,000 after purchasing an additional 1,677 shares in the last quarter. Finally, SevenBridge Financial Group LLC bought a new position in Cenovus Energy in the 3rd quarter valued at approximately $162,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Royal Bank of Canada reduced their price objective on Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Finally, National Bank Financial downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus target price of $29.25.

Check Out Our Latest Stock Analysis on CVE

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $13.07 on Friday. The firm has a market cap of $23.83 billion, a PE ratio of 10.80 and a beta of 1.99. Cenovus Energy Inc. has a 52 week low of $12.07 and a 52 week high of $21.90. The firm’s fifty day moving average is $14.59 and its 200-day moving average is $15.76. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last announced its earnings results on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.27). The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $11.08 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. Sell-side analysts predict that Cenovus Energy Inc. will post 1.49 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.1269 per share. This represents a $0.51 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date is Friday, March 14th. Cenovus Energy’s dividend payout ratio is presently 40.50%.

Cenovus Energy Profile

(Free Report)

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.

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