Dixon Mitchell Investment Counsel Inc. Trims Stock Position in Cenovus Energy Inc. (NYSE:CVE)

Dixon Mitchell Investment Counsel Inc. trimmed its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 1.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,929 shares of the oil and gas company’s stock after selling 747 shares during the period. Dixon Mitchell Investment Counsel Inc.’s holdings in Cenovus Energy were worth $778,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise acquired a new stake in shares of Cenovus Energy in the first quarter worth approximately $30,000. Financial Perspectives Inc purchased a new stake in shares of Cenovus Energy during the 4th quarter valued at $28,000. Headlands Technologies LLC acquired a new stake in shares of Cenovus Energy during the 4th quarter worth $33,000. Spire Wealth Management raised its position in shares of Cenovus Energy by 41.9% in the 4th quarter. Spire Wealth Management now owns 2,305 shares of the oil and gas company’s stock worth $38,000 after buying an additional 681 shares during the period. Finally, Wolff Wiese Magana LLC boosted its holdings in Cenovus Energy by 71.4% in the first quarter. Wolff Wiese Magana LLC now owns 2,400 shares of the oil and gas company’s stock valued at $48,000 after acquiring an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CVE shares. StockNews.com downgraded Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 27th. Raymond James upgraded shares of Cenovus Energy to a “moderate buy” rating in a report on Tuesday, May 28th. Finally, Morgan Stanley boosted their price objective on shares of Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Cenovus Energy currently has an average rating of “Buy” and a consensus target price of $29.00.

Cenovus Energy Stock Up 2.1 %

NYSE:CVE traded up $0.42 during trading hours on Tuesday, hitting $20.21. The stock had a trading volume of 7,142,033 shares, compared to its average volume of 9,731,375. The company has a market cap of $37.58 billion, a PE ratio of 10.99 and a beta of 2.07. The business has a 50 day simple moving average of $19.95 and a two-hundred day simple moving average of $18.51. Cenovus Energy Inc. has a 1-year low of $14.69 and a 1-year high of $21.90. The company has a current ratio of 1.70, a quick ratio of 1.01 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.11. The firm had revenue of $9.94 billion for the quarter, compared to the consensus estimate of $9.98 billion. Cenovus Energy had a net margin of 8.73% and a return on equity of 16.53%. Analysts predict that Cenovus Energy Inc. will post 2.04 EPS for the current year.

Cenovus Energy Announces Dividend

The firm also recently declared a monthly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 17th were issued a $0.0981 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 5.82%. The ex-dividend date of this dividend was Thursday, May 16th. Cenovus Energy’s dividend payout ratio is currently 28.89%.

About Cenovus Energy

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.