Cenovus Energy Inc. (NYSE:CVE) Stock Holdings Lowered by Assenagon Asset Management S.A.

Posted by Defense World Staff on Oct 18th, 2023

Assenagon Asset Management S.A. reduced its holdings in Cenovus Energy Inc. (NYSE:CVE – Free Report) (TSE:CVE) by 11.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,394 shares of the oil and gas company’s stock after selling 4,780 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Cenovus Energy were worth $619,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. OLD National Bancorp IN raised its holdings in shares of Cenovus Energy by 5.0% in the 2nd quarter. OLD National Bancorp IN now owns 36,927 shares of the oil and gas company’s stock worth $627,000 after purchasing an additional 1,759 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Cenovus Energy by 3.3% in the second quarter. DekaBank Deutsche Girozentrale now owns 554,469 shares of the oil and gas company’s stock worth $9,222,000 after acquiring an additional 17,711 shares in the last quarter. SVB Wealth LLC increased its position in shares of Cenovus Energy by 89.5% in the second quarter. SVB Wealth LLC now owns 27,441 shares of the oil and gas company’s stock worth $466,000 after acquiring an additional 12,961 shares in the last quarter. Guinness Atkinson Asset Management Inc increased its position in shares of Cenovus Energy by 8.4% in the second quarter. Guinness Atkinson Asset Management Inc now owns 24,122 shares of the oil and gas company’s stock worth $410,000 after acquiring an additional 1,866 shares in the last quarter. Finally, Creative Planning increased its position in shares of Cenovus Energy by 3.4% in the second quarter. Creative Planning now owns 231,710 shares of the oil and gas company’s stock worth $3,934,000 after acquiring an additional 7,664 shares in the last quarter. 50.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. StockNews.com started coverage on shares of Cenovus Energy in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. UBS Group initiated coverage on shares of Cenovus Energy in a research report on Wednesday, July 12th. They set a “neutral” rating on the stock. Finally, Scotiabank raised shares of Cenovus Energy from a “sector perform” rating to a “sector outperform” rating in a research report on Wednesday, September 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.88.

Read Our Latest Report on CVE

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $21.12 on Wednesday. The stock has a market capitalization of $39.89 billion, a price-to-earnings ratio of 14.27 and a beta of 2.20. Cenovus Energy Inc. has a 1-year low of $14.97 and a 1-year high of $22.18. The firm has a fifty day simple moving average of $19.96 and a 200-day simple moving average of $18.13. The company has a current ratio of 1.50, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last released its earnings results on Thursday, July 27th. The oil and gas company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.32 by $0.01. The firm had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $9.69 billion. Cenovus Energy had a net margin of 6.98% and a return on equity of 14.29%. On average, sell-side analysts expect that Cenovus Energy Inc. will post 1.64 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were issued a $0.106 dividend. This represents a $0.42 annualized dividend and a yield of 2.01%. The ex-dividend date was Thursday, September 14th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.10. Cenovus Energy’s payout ratio is 27.70%.

Cenovus Energy Company Profile

(Free Report)

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil and natural gas in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, and U.S. Manufacturing segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan.