Capital World Investors Increases Holdings in Cenovus Energy Inc. (NYSE:CVE)

Capital World Investors boosted its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 15.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 191,412,590 shares of the oil and gas company’s stock after purchasing an additional 26,127,617 shares during the period. Capital World Investors owned approximately 10.49% of Cenovus Energy worth $2,901,131,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in CVE. Farther Finance Advisors LLC grew its holdings in shares of Cenovus Energy by 104.9% during the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 851 shares during the period. Sierra Ocean LLC acquired a new position in shares of Cenovus Energy in the 4th quarter worth approximately $67,000. Blue Trust Inc. boosted its position in shares of Cenovus Energy by 54.7% during the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock worth $72,000 after purchasing an additional 1,677 shares during the period. Empirical Asset Management LLC acquired a new stake in Cenovus Energy in the 4th quarter valued at approximately $174,000. Finally, SVB Wealth LLC purchased a new stake in Cenovus Energy in the fourth quarter valued at approximately $182,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CVE. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research note on Tuesday. StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Royal Bank of Canada reissued an “outperform” rating and set a $25.00 target price on shares of Cenovus Energy in a research report on Friday, April 11th. Finally, National Bank Financial downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

Cenovus Energy Stock Up 3.9 %

CVE stock opened at $12.12 on Friday. The company has a market cap of $22.09 billion, a price-to-earnings ratio of 10.01 and a beta of 1.46. The company has a fifty day moving average price of $13.28 and a 200 day moving average price of $14.88. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy Inc. has a 12 month low of $10.23 and a 12 month high of $21.58.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $11.08 billion. Sell-side analysts expect that Cenovus Energy Inc. will post 1.49 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.1269 dividend. This represents a $0.51 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is 40.50%.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.