GQG Partners LLC acquired a new stake in Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 16,592,495 shares of the oil and gas company’s stock, valued at approximately $411,552,000. GQG Partners LLC owned approximately 0.90% of Cenovus Energy at the end of the most recent quarter.
A number of other large investors have also modified their holdings of CVE. Capital Research Global Investors raised its position in shares of Cenovus Energy by 16.6% in 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 buying an additional 17,730,542 shares during the last quarter. Vanguard Group Inc. boosted its position in Cenovus Energy by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock valued at $1,074,660,000 after purchasing an additional 7,197,843 shares during the period. Capital International Investors grew its position in Cenovus Energy by 3.9% in the 4th quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock worth $862,505,000 after purchasing an additional 1,903,432 shares during the last quarter. FIL Ltd increased its position 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 acquiring an additional 11,019,212 shares during the period. Finally, Bank of America Corp DE grew its position in Cenovus Energy by 111.2% in the 1st quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock valued at $604,107,000 after buying an additional 11,990,405 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on CVE shares. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, July 30th. Zacks Research lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Lake Street Capital set a $36.00 target price on Cenovus Energy in a research report on Wednesday, May 13th. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday. Finally, Wall Street Zen raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $36.25.
Cenovus Energy Stock Up 1.6%
NYSE CVE opened at $32.99 on Friday. The stock’s 50 day simple moving average is $27.83 and its 200 day simple moving average is $26.46. Cenovus Energy Inc has a one year low of $15.44 and a one year high of $33.40. The firm has a market cap of $61.01 billion, a PE ratio of 12.69 and a beta of 0.34. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04.
Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last announced its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting the consensus estimate of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The firm had revenue of $14.59 billion during the quarter, compared to analysts’ expectations of $11.87 billion. During the same period in the previous year, the business posted $0.45 EPS. The company’s quarterly revenue was up 47.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.
Cenovus Energy Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 24.62%.
Cenovus Energy Company Profile
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.
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