Capital Research Global Investors Increases Stock Position in Cenovus Energy Inc $CVE

Capital Research Global Investors lifted its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 16.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,313,513 shares of the oil and gas company’s stock after buying an additional 17,730,542 shares during the quarter. Capital Research Global Investors owned about 0.07% of Cenovus Energy worth $2,103,090,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CVE. Ninepoint Partners LP lifted its stake in Cenovus Energy by 490.0% in the 3rd quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock worth $60,145,000 after purchasing an additional 2,940,000 shares in the last quarter. Lighthouse Investment Partners LLC lifted its stake in Cenovus Energy by 29.1% in the 3rd quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock worth $8,216,000 after purchasing an additional 109,000 shares in the last quarter. Canoe Financial LP purchased a new stake in Cenovus Energy in the 4th quarter worth approximately $102,662,000. Massachusetts Financial Services Co. MA lifted its stake in Cenovus Energy by 24.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock worth $303,470,000 after purchasing an additional 3,507,525 shares in the last quarter. Finally, TD Asset Management Inc lifted its stake in Cenovus Energy by 3.6% in the 4th quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock worth $287,897,000 after purchasing an additional 595,518 shares in the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at $28.25 on Friday. The firm’s fifty day moving average price is $27.87 and its 200-day moving average price is $22.54. 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 stock has a market cap of $52.82 billion, a P/E ratio of 15.52 and a beta of 0.34. Cenovus Energy Inc has a fifty-two week low of $13.29 and a fifty-two week high of $32.07.

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 the consensus estimate of $0.56 by $0.05. The firm had revenue of $10.79 billion for the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the company posted $0.47 EPS. On average, equities research analysts expect that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Zacks Research upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 22nd. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 1st. Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a research note on Wednesday, May 13th. Finally, Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $35.25.

Cenovus Energy Company 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.