Capital Research Global Investors Boosts Holdings in Cenovus Energy Inc $CVE

Capital Research Global Investors boosted its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 291.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 106,582,971 shares of the oil and gas company’s stock after buying an additional 79,345,506 shares during the quarter. Capital Research Global Investors owned approximately 6.03% of Cenovus Energy worth $1,809,758,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Ninepoint Partners LP boosted its stake in Cenovus Energy by 490.0% during the third quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock valued at $60,145,000 after buying an additional 2,940,000 shares in the last quarter. Intact Investment Management Inc. lifted its holdings in shares of Cenovus Energy by 69.6% during the 3rd quarter. Intact Investment Management Inc. now owns 3,655,878 shares of the oil and gas company’s stock valued at $62,081,000 after buying an additional 1,500,590 shares during the last quarter. Boston Partners boosted its holdings in Cenovus Energy by 2.3% in the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock worth $365,097,000 after purchasing an additional 606,042 shares in the last quarter. Swiss National Bank raised its position in shares of Cenovus Energy by 6.6% in the second quarter. Swiss National Bank now owns 4,156,435 shares of the oil and gas company’s stock valued at $56,341,000 after purchasing an additional 257,600 shares during the period. Finally, Picton Mahoney Asset Management acquired a new position in shares of Cenovus Energy during the 2nd quarter worth about $74,895,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CVE. Zacks Research lowered shares of Cenovus Energy from a “hold” rating to a “strong sell” rating in a research report on Friday, February 20th. The Goldman Sachs Group restated a “buy” rating and issued a $22.00 price objective on shares of Cenovus Energy in a research report on Monday, February 2nd. Scotiabank raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 20th. Wall Street Zen downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, February 23rd. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Cenovus Energy currently has an average rating of “Moderate Buy” and an average price target of $27.33.

Cenovus Energy Trading Up 0.2%

CVE stock opened at $22.78 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.04 and a current ratio of 1.57. The company has a market capitalization of $42.83 billion, a PE ratio of 14.89 and a beta of 0.43. The company’s 50-day simple moving average is $19.91 and its 200 day simple moving average is $18.18. Cenovus Energy Inc has a 52 week low of $10.23 and a 52 week high of $23.89.

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

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, March 13th. Cenovus Energy’s payout ratio is currently 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.