Tweedy Browne Co LLC Grows Holdings in Cenovus Energy Inc $CVE

Tweedy Browne Co LLC grew its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 112.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 46,942 shares of the oil and gas company’s stock after acquiring an additional 24,798 shares during the period. Tweedy Browne Co LLC’s holdings in Cenovus Energy were worth $797,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Capital Research Global Investors increased its stake in shares of Cenovus Energy by 291.3% in the 3rd quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock valued at $1,809,758,000 after purchasing an additional 79,345,506 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Cenovus Energy by 322.7% in the second 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. Mackenzie Financial Corp grew its holdings in Cenovus Energy by 46.7% in the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after purchasing an additional 9,753,134 shares during the period. CIBC Asset Management Inc increased its position in shares of Cenovus Energy by 494.2% in the third quarter. CIBC Asset Management Inc now owns 11,442,043 shares of the oil and gas company’s stock valued at $194,493,000 after buying an additional 9,516,460 shares in the last quarter. Finally, Picton Mahoney Asset Management purchased a new stake in shares of Cenovus Energy in the second quarter valued at approximately $74,895,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

NYSE CVE opened at $23.56 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. The stock’s 50 day simple moving average is $20.68 and its 200-day simple moving average is $18.46. The company has a market cap of $44.28 billion, a PE ratio of 15.40 and a beta of 0.43. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $24.06.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.28 by $0.08. The firm had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $10.89 billion. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.During the same period in the previous year, the business earned $0.07 earnings per share. As a group, equities research analysts anticipate that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.4%. Cenovus Energy’s dividend payout ratio is presently 37.91%.

Analyst Upgrades and Downgrades

CVE has been the topic of a number of recent analyst reports. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Thursday, November 20th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Cenovus Energy in a report on Tuesday, January 20th. BMO Capital Markets restated an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Veritas raised shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Finally, Zacks Research lowered shares of Cenovus Energy from a “hold” rating to a “strong sell” rating in a research report on Friday, February 20th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cenovus Energy currently has an average rating of “Moderate Buy” and a consensus target price of $29.67.

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.