Capital World Investors Has $1.90 Billion Stake in Cenovus Energy Inc $CVE

Capital World Investors lowered its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 27.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 112,504,009 shares of the oil and gas company’s stock after selling 43,508,576 shares during the quarter. Capital World Investors owned about 0.06% of Cenovus Energy worth $1,903,344,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Financial Management Professionals Inc. acquired a new position in shares of Cenovus Energy in the 4th quarter valued at about $25,000. NBC Securities Inc. lifted its stake in shares of Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 1,500 shares during the period. Advisory Services Network LLC acquired a new position in shares of Cenovus Energy in the 3rd quarter valued at about $50,000. Allworth Financial LP lifted its stake in shares of Cenovus Energy by 32.2% in the 3rd quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 737 shares during the period. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the period. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CVE. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. Zacks Research raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 22nd. Royal Bank Of Canada boosted their price objective on Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. TD Securities reissued a “buy” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Finally, Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $35.25.

Cenovus Energy Price Performance

CVE stock opened at $28.25 on Friday. The stock has a market capitalization of $52.82 billion, a PE ratio of 15.52 and a beta of 0.34. The company’s 50-day moving average is $27.87 and its 200-day moving average is $22.54. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy Inc has a 1 year low of $13.29 and a 1 year high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. The company had revenue of $10.79 billion for the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business’s revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.47 EPS. Equities research analysts expect that Cenovus Energy Inc will post 3.15 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.22 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.1%. Cenovus Energy’s payout ratio is currently 32.42%.

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.