Capital World Investors Cuts Stock Holdings in Cenovus Energy Inc $CVE

Capital World Investors lowered its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 15.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 156,012,585 shares of the oil and gas company’s stock after selling 28,681,373 shares during the quarter. Capital World Investors owned 8.83% of Cenovus Energy worth $2,649,332,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CVE. Vanguard Group Inc. grew its stake in shares of Cenovus Energy by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 56,327,634 shares of the oil and gas company’s stock worth $956,387,000 after acquiring an additional 354,241 shares in the last quarter. Boston Partners lifted its holdings in Cenovus Energy by 2.3% during the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock worth $365,097,000 after acquiring an additional 606,042 shares during the period. Mackenzie Financial Corp boosted its position in Cenovus Energy by 7.2% in the second quarter. Mackenzie Financial Corp now owns 20,890,672 shares of the oil and gas company’s stock worth $284,447,000 after purchasing an additional 1,409,439 shares during the last quarter. Smead Capital Management Inc. boosted its position in Cenovus Energy by 13.3% in the second quarter. Smead Capital Management Inc. now owns 17,552,075 shares of the oil and gas company’s stock worth $238,999,000 after purchasing an additional 2,056,163 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Cenovus Energy by 322.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company’s stock valued at $211,338,000 after purchasing an additional 11,849,355 shares during the period. 51.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. BMO Capital Markets reissued an “outperform” rating on shares of Cenovus Energy in a report on Friday, February 20th. Zacks Research lowered shares of Cenovus Energy from a “hold” rating to a “strong sell” rating in a research report on Friday, February 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a research report on Tuesday, January 27th. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a report on Thursday, November 20th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $22.00 price objective on shares of Cenovus Energy in a report on Monday, February 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Cenovus Energy has a consensus rating of “Moderate Buy” and an average target price of $27.33.

Cenovus Energy Price Performance

CVE opened at $22.78 on Tuesday. The firm has a 50-day moving average price of $19.91 and a 200-day moving average price of $18.18. Cenovus Energy Inc has a twelve month low of $10.23 and a twelve month high of $23.89. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $42.83 billion, a price-to-earnings ratio of 14.89 and a beta of 0.43.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.08. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. The company had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $10.89 billion. During the same period in the prior year, the company posted $0.07 EPS. Equities analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Friday, March 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 37.25%.

Cenovus Energy Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.