Maverick Capital Ltd. Purchases New Holdings in Cenovus Energy Inc $CVE

Maverick Capital Ltd. purchased a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 41,248 shares of the oil and gas company’s stock, valued at approximately $1,091,000.

Other hedge funds also recently modified their holdings of the company. Capital Research Global Investors increased its position in shares of Cenovus Energy by 16.6% during the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock valued at $2,103,090,000 after purchasing an additional 17,730,542 shares during the period. Vanguard Group Inc. boosted its stake in Cenovus Energy by 12.8% during the fourth quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock worth $1,074,660,000 after buying an additional 7,197,843 shares in the last quarter. Capital International Investors boosted its stake in Cenovus Energy by 3.9% during the fourth quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock worth $862,505,000 after buying an additional 1,903,432 shares in the last quarter. FIL Ltd increased its holdings in Cenovus Energy by 40.0% in the 4th quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock valued at $651,880,000 after buying an additional 11,019,212 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Cenovus Energy by 5.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 18,018,995 shares of the oil and gas company’s stock valued at $304,894,000 after buying an additional 855,618 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of NYSE:CVE opened at $27.71 on Wednesday. The business has a fifty day moving average of $27.31 and a 200-day moving average of $24.99. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. Cenovus Energy Inc has a twelve month low of $14.48 and a twelve month high of $32.07. The firm has a market cap of $51.56 billion, a PE ratio of 15.22 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.05. The business had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.47 EPS. On average, equities research analysts predict that Cenovus Energy Inc will post 3.02 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 3.2%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 15th. Cenovus Energy’s payout ratio is currently 35.16%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Royal Bank Of Canada lifted their target price on shares of Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, May 19th. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 7th. Lake Street Capital set a $36.00 price objective on Cenovus Energy in a research note on Wednesday, May 13th. Zacks Research downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Finally, Wall Street Zen lowered Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $35.25.

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.