Hotchkis & Wiley Capital Management LLC Sells 208,660 Shares of Cenovus Energy Inc. (NYSE:CVE)

Hotchkis & Wiley Capital Management LLC decreased its stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 3.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,189,198 shares of the oil and gas company’s stock after selling 208,660 shares during the period. Hotchkis & Wiley Capital Management LLC owned about 0.28% of Cenovus Energy worth $86,815,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Truvestments Capital LLC purchased a new stake in Cenovus Energy in the 3rd quarter valued at about $25,000. Blue Trust Inc. boosted its position in Cenovus Energy by 640.3% in the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 2,651 shares during the last quarter. SevenBridge Financial Group LLC purchased a new stake in shares of Cenovus Energy during the 3rd quarter valued at $162,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cenovus Energy by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after purchasing an additional 643 shares during the period. Finally, Everpar Advisors LLC bought a new position in Cenovus Energy during the second quarter valued at about $211,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on CVE. BMO Capital Markets reduced their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Stock Performance

Shares of CVE opened at $15.74 on Tuesday. Cenovus Energy Inc. has a 12-month low of $14.69 and a 12-month high of $21.90. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a market cap of $28.75 billion, a PE ratio of 10.86 and a beta of 2.02. The stock has a 50-day moving average price of $16.59 and a 200-day moving average price of $18.14.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.08. The business had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. Cenovus Energy’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.72 earnings per share. As a group, equities analysts forecast that Cenovus Energy Inc. will post 1.48 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.133 dividend. This represents a $0.53 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Cenovus Energy Company Profile

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.