Van ECK Associates Corp Sells 413,414 Shares of Cenovus Energy Inc $CVE

Van ECK Associates Corp trimmed its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 83.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,116 shares of the oil and gas company’s stock after selling 413,414 shares during the period. Van ECK Associates Corp’s holdings in Cenovus Energy were worth $2,012,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CVE. Capital Research Global Investors grew its position in Cenovus Energy by 16.6% during 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 in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Cenovus Energy in the 2nd quarter worth approximately $423,886,000. GQG Partners LLC bought a new stake in shares of Cenovus Energy in the 2nd quarter worth approximately $411,552,000. Bank of America Corp DE acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth approximately $369,701,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth approximately $355,752,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Stock Down 1.2%

Shares of NYSE:CVE opened at $32.40 on Friday. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $33.40. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The company’s fifty day moving average is $29.16 and its 200-day moving average is $27.26. The company has a market capitalization of $59.69 billion, a PE ratio of 12.46 and a beta of 0.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.11. The firm had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm’s quarterly revenue was up 47.9% on a year-over-year basis. During the same period last year, the firm posted $0.45 EPS. Equities research analysts predict that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. Cenovus Energy’s dividend payout ratio is 24.62%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CVE shares. Royal Bank Of Canada upped their target price on Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Wall Street Zen downgraded shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average target price of $39.00.

Cenovus Energy Company 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.