Pictet Asset Management Holding SA Decreases Holdings in Cenovus Energy Inc $CVE

Pictet Asset Management Holding SA reduced its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 10.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 467,384 shares of the oil and gas company’s stock after selling 55,311 shares during the period. Pictet Asset Management Holding SA’s holdings in Cenovus Energy were worth $12,365,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its position in shares of Cenovus Energy by 16.6% in the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after buying an additional 17,730,542 shares during the period. Vanguard Group Inc. raised its holdings in shares of Cenovus Energy by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock valued at $1,074,660,000 after buying an additional 7,197,843 shares during the period. Capital International Investors lifted its position in Cenovus Energy by 3.9% during the 4th quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock worth $862,505,000 after acquiring an additional 1,903,432 shares in the last quarter. FIL Ltd lifted its position in Cenovus Energy by 40.0% during the 4th quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock worth $651,880,000 after acquiring an additional 11,019,212 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Cenovus Energy by 46.7% in the 3rd quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock worth $520,196,000 after acquiring an additional 9,753,134 shares during the period. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CVE. Veritas raised shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. Royal Bank Of Canada upped their target price on shares of Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Weiss Ratings lowered shares of Cenovus Energy from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Zacks Research downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Finally, Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a report on Wednesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.25.

Cenovus Energy Price Performance

CVE stock opened at $24.64 on Friday. The stock’s 50 day moving average is $27.89 and its two-hundred day moving average is $23.66. Cenovus Energy Inc has a 52-week low of $13.85 and a 52-week high of $32.07. The company has a market capitalization of $45.85 billion, a PE ratio of 13.54 and a beta of 0.34. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. The company had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The business’s revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.47 EPS. Analysts predict that Cenovus Energy Inc will post 3.02 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.22 per share. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 3.6%. Cenovus Energy’s payout ratio is currently 34.62%.

Cenovus Energy Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin?off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.