Cenovus Energy Inc $CVE Stock Position Boosted by Smead Capital Management Inc.

Smead Capital Management Inc. boosted its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 2.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,763,978 shares of the oil and gas company’s stock after buying an additional 374,238 shares during the quarter. Cenovus Energy makes up about 5.9% of Smead Capital Management Inc.’s holdings, making the stock its 4th largest position. Smead Capital Management Inc. owned 0.89% of Cenovus Energy worth $283,634,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Financial Management Professionals Inc. purchased a new position in Cenovus Energy in the fourth quarter valued at $25,000. NBC Securities Inc. increased its holdings in Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 1,500 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 1,384 shares during the last quarter. Advisory Services Network LLC purchased a new position in Cenovus Energy in the third quarter valued at $50,000. Finally, Allworth Financial LP increased its holdings in Cenovus Energy by 32.2% in the third quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 737 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $30.04 on Friday. The stock’s 50-day moving average is $27.00 and its two-hundred day moving average is $21.75. The firm has a market cap of $56.31 billion, a price-to-earnings ratio of 16.50 and a beta of 0.37. Cenovus Energy Inc has a 1 year low of $12.88 and a 1 year high of $32.07. 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 (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data 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 company had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.47 earnings per share. Analysts predict that Cenovus Energy Inc will post 3.01 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.22 dividend. The ex-dividend date is Monday, June 15th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 2.9%. Cenovus Energy’s payout ratio is 35.16%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CVE shares. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Finally, Wall Street Zen raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Cenovus Energy presently has a consensus rating of “Buy” and an average 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.