Gulf International Bank UK Ltd Trims Stock Position in Cenovus Energy Inc. (NYSE:CVE)

Gulf International Bank UK Ltd decreased its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 34.8% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 9,103 shares of the oil and gas company’s stock after selling 4,850 shares during the period. Gulf International Bank UK Ltd’s holdings in Cenovus Energy were worth $178,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Capital International Investors grew its holdings in shares of Cenovus Energy by 216.3% during the first quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock worth $678,250,000 after purchasing an additional 23,202,018 shares during the last quarter. TD Asset Management Inc grew its stake in Cenovus Energy by 26.5% during the 4th quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock worth $706,503,000 after buying an additional 8,841,374 shares during the last quarter. Boston Partners increased its position in Cenovus Energy by 29.0% during the first quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after buying an additional 8,438,979 shares during the period. Capital World Investors lifted its stake in Cenovus Energy by 5.4% in the fourth quarter. Capital World Investors now owns 150,534,829 shares of the oil and gas company’s stock valued at $2,508,185,000 after buying an additional 7,750,480 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of Cenovus Energy by 1,224.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 4,097,451 shares of the oil and gas company’s stock valued at $68,231,000 after acquiring an additional 3,787,979 shares during the period. 51.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVE has been the topic of a number of recent research reports. Scotiabank cut their target price on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. StockNews.com cut shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Friday, July 26th. Finally, Raymond James upgraded shares of Cenovus Energy to a “moderate buy” rating in a research note on Tuesday, May 28th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cenovus Energy presently has a consensus rating of “Buy” and an average price target of $30.67.

Cenovus Energy Stock Performance

NYSE:CVE traded down $0.09 during midday trading on Wednesday, reaching $17.92. The stock had a trading volume of 6,923,496 shares, compared to its average volume of 9,274,990. The company has a quick ratio of 1.01, a current ratio of 1.70 and a debt-to-equity ratio of 0.25. The stock has a market cap of $33.32 billion, a P/E ratio of 9.96 and a beta of 2.07. The firm has a fifty day simple moving average of $19.40 and a two-hundred day simple moving average of $19.12. Cenovus Energy Inc. has a 12-month low of $14.69 and a 12-month high of $21.90.

Cenovus Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.132 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 2.95%. Cenovus Energy’s dividend payout ratio (DPR) is 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.