Trexquant Investment LP Cuts Stock Position in Cenovus Energy Inc. (NYSE:CVE)

Trexquant Investment LP trimmed its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 23.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 565,378 shares of the oil and gas company’s stock after selling 172,032 shares during the period. Trexquant Investment LP’s holdings in Cenovus Energy were worth $8,565,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CVE. Headlands Technologies LLC purchased a new position in Cenovus Energy in the 4th quarter worth $209,000. Geode Capital Management LLC increased its stake in Cenovus Energy by 29.2% in the 4th quarter. Geode Capital Management LLC now owns 8,287,334 shares of the oil and gas company’s stock worth $128,783,000 after purchasing an additional 1,873,415 shares during the period. Franklin Resources Inc. lifted its position in Cenovus Energy by 105.0% in the fourth quarter. Franklin Resources Inc. now owns 4,337,551 shares of the oil and gas company’s stock valued at $65,667,000 after purchasing an additional 2,221,549 shares during the last quarter. Summit Financial LLC purchased a new stake in shares of Cenovus Energy during the fourth quarter valued at approximately $1,401,000. Finally, Alliancebernstein L.P. grew its holdings in shares of Cenovus Energy by 0.7% in the fourth quarter. Alliancebernstein L.P. now owns 106,532 shares of the oil and gas company’s stock worth $1,614,000 after purchasing an additional 779 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

CVE has been the topic of a number of recent analyst reports. National Bank Financial lowered shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $25.00 price target on shares of Cenovus Energy in a research note on Wednesday. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, March 26th. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Cenovus Energy Stock Down 8.2 %

NYSE:CVE opened at $12.90 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The firm’s 50-day moving average price is $14.16 and its 200-day moving average price is $15.36. The company has a market capitalization of $23.51 billion, a PE ratio of 10.66 and a beta of 1.99. Cenovus Energy Inc. has a 1-year low of $12.08 and a 1-year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $11.08 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. On average, equities analysts predict that Cenovus Energy Inc. will post 1.49 EPS for the current fiscal year.

Cenovus Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $0.1269 dividend. This represents a $0.51 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy’s dividend payout ratio is presently 40.50%.

Cenovus Energy 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.