Cenovus Energy Inc $CVE Stake Cut by L1 Capital Pty Ltd

L1 Capital Pty Ltd reduced its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 13.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 5,655,769 shares of the oil and gas company’s stock after selling 861,710 shares during the period. Cenovus Energy accounts for about 5.0% of L1 Capital Pty Ltd’s portfolio, making the stock its 8th biggest position. L1 Capital Pty Ltd’s holdings in Cenovus Energy were worth $95,696,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. J.W. Cole Advisors Inc. grew its holdings in shares of Cenovus Energy by 3.9% during the fourth quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock valued at $227,000 after buying an additional 500 shares during the last quarter. Gateway Investment Advisers LLC grew its holdings in shares of Cenovus Energy by 0.6% during the fourth quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company’s stock valued at $1,590,000 after buying an additional 523 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Cenovus Energy by 0.9% during the fourth quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company’s stock valued at $1,104,000 after buying an additional 565 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Cenovus Energy by 24.4% during the fourth quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company’s stock valued at $56,000 after buying an additional 649 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of Cenovus Energy by 15.7% during the fourth quarter. IFP Advisors Inc now owns 4,839 shares of the oil and gas company’s stock valued at $82,000 after buying an additional 656 shares during the last quarter. 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 research analyst reports. TD Securities reissued a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Veritas raised shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Royal Bank Of Canada upped their price target on shares of Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a report on Tuesday, May 19th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $35.25.

Cenovus Energy Price Performance

NYSE:CVE opened at $28.24 on Friday. Cenovus Energy Inc has a one year low of $13.47 and a one year high of $32.07. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The firm has a market cap of $52.79 billion, a price-to-earnings ratio of 15.51 and a beta of 0.34. The firm’s fifty day moving average is $28.07 and its two-hundred day moving average is $22.89.

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

Cenovus Energy Increases Dividend

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

About Cenovus Energy

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.