American Century Companies Inc. increased its holdings in shares of Cenovus Energy Inc. (NYSE:CVE – Free Report) (TSE:CVE) by 4.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 603,749 shares of the oil and gas company’s stock after acquiring an additional 28,285 shares during the quarter. American Century Companies Inc.’s holdings in Cenovus Energy were worth $10,534,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of CVE. Wellington Management Group LLP boosted its position in Cenovus Energy by 68.8% during the first quarter. Wellington Management Group LLP now owns 19,871,360 shares of the oil and gas company’s stock worth $331,500,000 after acquiring an additional 8,098,474 shares during the last quarter. Capital World Investors boosted its position in Cenovus Energy by 30.0% during the first quarter. Capital World Investors now owns 28,481,746 shares of the oil and gas company’s stock worth $474,791,000 after acquiring an additional 6,570,038 shares during the last quarter. Merewether Investment Management LP acquired a new position in Cenovus Energy during the fourth quarter worth about $77,489,000. AGF Management Ltd. raised its stake in Cenovus Energy by 131.1% during the first quarter. AGF Management Ltd. now owns 4,769,860 shares of the oil and gas company’s stock worth $83,221,000 after purchasing an additional 2,705,768 shares during the period. Finally, Cambiar Investors LLC purchased a new position in Cenovus Energy during the first quarter worth about $44,803,000. 50.01% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
CVE has been the topic of a number of analyst reports. The Goldman Sachs Group raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $20.00 to $22.00 in a research note on Tuesday, June 6th. UBS Group initiated coverage on shares of Cenovus Energy in a research note on Wednesday, July 12th. They set a “neutral” rating on the stock. Finally, StockNews.com initiated coverage on shares of Cenovus Energy in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $31.88.
Cenovus Energy Price Performance
Cenovus Energy stock opened at $20.15 on Monday. The company’s 50 day simple moving average is $18.30 and its 200-day simple moving average is $17.54. The company has a market capitalization of $38.21 billion, a price-to-earnings ratio of 13.61 and a beta of 2.24. Cenovus Energy Inc. has a 1 year low of $14.44 and a 1 year high of $22.18. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.86 and a current ratio of 1.50.
Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. The business had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.69 billion. Cenovus Energy had a net margin of 6.98% and a return on equity of 14.29%. As a group, equities research analysts expect that Cenovus Energy Inc. will post 1.59 earnings per share for the current year.
Cenovus Energy Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.106 dividend. This represents a $0.42 dividend on an annualized basis and a dividend yield of 2.10%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Thursday, September 14th. Cenovus Energy’s payout ratio is 28.38%.
Cenovus Energy Company Profile
Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil and natural gas in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, and U.S. Manufacturing segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan.
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