M&G Plc Has $58.99 Million Position in Cenovus Energy Inc. (NYSE:CVE)

M&G Plc lowered its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 0.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,468,847 shares of the oil and gas company’s stock after selling 27,523 shares during the period. M&G Plc owned about 0.19% of Cenovus Energy worth $58,985,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CVE. Blue Trust Inc. boosted its stake in Cenovus Energy by 640.3% during the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after buying an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Cenovus Energy by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after acquiring an additional 643 shares during the period. Envestnet Portfolio Solutions Inc. bought a new position in shares of Cenovus Energy during the first quarter valued at $205,000. Everpar Advisors LLC bought a new position in shares of Cenovus Energy during the second quarter valued at $211,000. Finally, FCG Investment Co bought a new position in shares of Cenovus Energy during the third quarter valued at $211,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Scotiabank cut their price objective on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. BMO Capital Markets cut their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Finally, StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at $16.17 on Thursday. The stock has a 50-day simple moving average of $17.04 and a 200 day simple moving average of $18.77. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc. has a 12-month low of $14.69 and a 12-month high of $21.90. The stock has a market capitalization of $29.58 billion, a price-to-earnings ratio of 11.15 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.08. The firm had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.72 EPS. On average, research analysts anticipate that Cenovus Energy Inc. will post 1.63 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.133 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a yield of 3.29%. The ex-dividend date is Friday, December 13th. Cenovus Energy’s payout ratio is currently 36.55%.

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.