Cenovus Energy Inc (CVE) Shares Gap Up After Dividend Announcement

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) gapped up before the market opened on Thursday after the company announced a dividend. The stock had previously closed at ($10.47), but opened at $0.00. Cenovus Energy shares last traded at $0.00, with a volume of 5978362 shares changing hands.

The newly announced dividend which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a $0.039 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend is Thursday, December 14th. Cenovus Energy’s payout ratio is currently 8.08%.

A number of brokerages have weighed in on CVE. Zacks Investment Research lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Wednesday. Canaccord Genuity reissued a “buy” rating and issued a $15.50 price objective on shares of Cenovus Energy in a research report on Monday, October 30th. Royal Bank Of Canada reissued a “buy” rating and issued a $15.00 price objective on shares of Cenovus Energy in a research report on Monday, October 16th. Morgan Stanley set a $15.00 price objective on shares of Cenovus Energy and gave the stock a “buy” rating in a research report on Friday, October 13th. Finally, BidaskClub lowered shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $16.06.

The company has a current ratio of 1.44, a quick ratio of 1.20 and a debt-to-equity ratio of 0.64. The stock has a market cap of $12.79 billion, a P/E ratio of 14.87, a P/E/G ratio of 4.27 and a beta of 0.62.

A number of large investors have recently added to or reduced their stakes in CVE. FMR LLC increased its position in Cenovus Energy by 23.7% during the 2nd quarter. FMR LLC now owns 54,026,588 shares of the oil and gas company’s stock valued at $398,284,000 after purchasing an additional 10,341,993 shares during the period. Burgundy Asset Management Ltd. increased its position in Cenovus Energy by 49.0% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 25,289,102 shares of the oil and gas company’s stock valued at $186,301,000 after purchasing an additional 8,322,165 shares during the period. Letko Brosseau & Associates Inc. increased its position in Cenovus Energy by 37.1% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 27,158,632 shares of the oil and gas company’s stock valued at $199,920,000 after purchasing an additional 7,354,590 shares during the period. Lincluden Management Ltd. increased its position in Cenovus Energy by 106,932.2% during the 2nd quarter. Lincluden Management Ltd. now owns 5,122,563 shares of the oil and gas company’s stock valued at $38,891,000 after purchasing an additional 5,117,777 shares during the period. Finally, Renaissance Technologies LLC increased its position in Cenovus Energy by 337.4% during the 2nd quarter. Renaissance Technologies LLC now owns 4,392,500 shares of the oil and gas company’s stock valued at $32,376,000 after purchasing an additional 3,388,200 shares during the period. 54.82% of the stock is owned by institutional investors and hedge funds.

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