Cenovus Energy Inc $CVE Position Boosted by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC significantly increased its holdings in Cenovus Energy Inc, boosting its stake by 2,719.3% to approximately $57.53 million, owning over 4.1 million shares.
• Several institutional investors, including Northern Trust Corp and Ameriprise Financial, have also increased their investments in Cenovus Energy during the fourth quarter, enhancing the total institutional ownership to 51.19%.
• Cenovus Energy reported a quarterly earnings per share (EPS) of $0.33, surpassing analysts' expectations and is set to distribute a quarterly dividend of $0.20 to shareholders.

Acadian Asset Management LLC increased its holdings in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 2,719.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,141,434 shares of the oil and gas company's stock after buying an additional 3,994,539 shares during the period. Acadian Asset Management LLC owned about 0.23% of Cenovus Energy worth $57,533,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of CVE. Mackenzie Financial Corp grew its holdings in Cenovus Energy by 56.5% in the first quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock valued at $270,742,000 after purchasing an additional 7,035,004 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Cenovus Energy by 8.8% in the 1st quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company's stock worth $757,213,000 after acquiring an additional 4,401,045 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Cenovus Energy by 33.6% in the first quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company's stock worth $241,513,000 after buying an additional 4,362,384 shares during the period. Toronto Dominion Bank increased its holdings in shares of Cenovus Energy by 91.7% during the fourth quarter. Toronto Dominion Bank now owns 7,233,491 shares of the oil and gas company's stock valued at $109,515,000 after purchasing an additional 3,460,311 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Cenovus Energy by 40.2% in the 1st quarter. Invesco Ltd. now owns 11,281,543 shares of the oil and gas company's stock worth $156,926,000 after buying an additional 3,237,659 shares in the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Stock Down 0.1%

Shares of NYSE CVE traded down $0.01 during trading hours on Friday, hitting $16.89. 28,727,279 shares of the stock were exchanged, compared to its average volume of 14,035,722. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc has a 12 month low of $10.23 and a 12 month high of $18.61. The company has a market cap of $30.38 billion, a PE ratio of 16.72 and a beta of 0.99. The firm has a fifty day moving average price of $15.31 and a 200-day moving average price of $13.89.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.19. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The business had revenue of $10.66 billion for the quarter, compared to the consensus estimate of $10.64 billion. During the same period last year, the firm posted $0.62 earnings per share. The company's revenue was down 12.6% compared to the same quarter last year. On average, sell-side analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.7%. Cenovus Energy's dividend payout ratio is 56.44%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CVE shares. UBS Group reiterated a "buy" rating on shares of Cenovus Energy in a research note on Monday, August 25th. National Bank Financial upgraded Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. National Bankshares restated an "outperform" rating on shares of Cenovus Energy in a research note on Wednesday. Jefferies Financial Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Tuesday, September 2nd. Finally, Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Cenovus Energy has an average rating of "Buy" and an average price target of $23.33.

Cenovus Energy 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.