Capital World Investors Has $1.90 Billion Stock Position in Cenovus Energy Inc $CVE

Capital World Investors reduced its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 27.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,504,009 shares of the oil and gas company’s stock after selling 43,508,576 shares during the period. Capital World Investors owned approximately 5.97% of Cenovus Energy worth $1,903,344,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CVE. Jones Financial Companies Lllp increased its holdings in shares of Cenovus Energy by 574.8% during the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after buying an additional 18,405 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Cenovus Energy by 6.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock worth $10,397,000 after buying an additional 44,125 shares in the last quarter. Prudential Financial Inc. acquired a new position in shares of Cenovus Energy during the second quarter worth $525,000. EverSource Wealth Advisors LLC increased its holdings in shares of Cenovus Energy by 57.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after buying an additional 1,800 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Cenovus Energy during the second quarter worth $495,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CVE has been the subject of several research analyst reports. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, May 7th. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a report on Friday, February 20th. TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Finally, Raymond James Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Cenovus Energy presently has an average rating of “Buy” and an average target price of $35.25.

Cenovus Energy Stock Performance

NYSE CVE opened at $28.25 on Friday. The company has a market capitalization of $52.82 billion, a price-to-earnings ratio of 15.52 and a beta of 0.34. Cenovus Energy Inc has a twelve month low of $13.29 and a twelve month high of $32.07. The stock has a fifty day simple moving average of $27.87 and a 200 day simple moving average of $22.54. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. The business had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.Cenovus Energy’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.47 earnings per share. Sell-side analysts expect that Cenovus Energy Inc will post 3.15 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.22 dividend. The ex-dividend date is Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 3.1%. Cenovus Energy’s dividend payout ratio (DPR) is currently 32.42%.

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.