Alberta Investment Management Corp Raises Stock Position in Cenovus Energy Inc $CVE

Key Points

• Alberta Investment Management Corp increased its Cenovus Energy stake by 2% in the fourth quarter, ending with 5.52 million shares valued at about $93.4 million. The company now counts CVE as its 24th-largest holding.
• Cenovus beat quarterly expectations, reporting EPS of $0.61 versus the $0.56 estimate and revenue of $10.79 billion versus $9.47 billion expected. Analysts currently forecast full-year EPS of 3.15.
• The company also raised its quarterly dividend to $0.22 per share from $0.20, implying a 3.5% yield. Wall Street sentiment remains positive, with a consensus rating of Moderate Buy and a price target of $35.25.

Alberta Investment Management Corp lifted its holdings in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 2.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,518,825 shares of the oil and gas company's stock after acquiring an additional 106,225 shares during the quarter. Cenovus Energy comprises approximately 0.5% of Alberta Investment Management Corp's holdings, making the stock its 24th biggest holding. Alberta Investment Management Corp owned approximately 0.29% of Cenovus Energy worth $93,367,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in CVE. Vident Advisory LLC boosted its position in shares of Cenovus Energy by 17.0% in the fourth quarter. Vident Advisory LLC now owns 25,503 shares of the oil and gas company's stock worth $432,000 after buying an additional 3,704 shares during the period. Wealthspire Retirement LLC grew its position in Cenovus Energy by 14.9% in the fourth quarter. Wealthspire Retirement LLC now owns 37,333 shares of the oil and gas company's stock valued at $632,000 after acquiring an additional 4,833 shares in the last quarter. State of Tennessee Department of Treasury grew its position in Cenovus Energy by 4.2% in the fourth quarter. State of Tennessee Department of Treasury now owns 744,861 shares of the oil and gas company's stock valued at $12,603,000 after acquiring an additional 29,892 shares in the last quarter. Yaupon Capital Management LP raised its stake in shares of Cenovus Energy by 34.1% during the fourth quarter. Yaupon Capital Management LP now owns 4,346,820 shares of the oil and gas company's stock valued at $73,548,000 after purchasing an additional 1,105,961 shares during the period. Finally, Guardian Capital LP purchased a new stake in shares of Cenovus Energy during the fourth quarter valued at approximately $4,059,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

Shares of CVE opened at $25.15 on Friday. The business's fifty day moving average price is $28.01 and its 200 day moving average price is $23.16. Cenovus Energy Inc has a 12-month low of $13.47 and a 12-month high of $32.07. The stock has a market capitalization of $47.02 billion, a PE ratio of 13.82 and a beta of 0.34. 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 (NYSE:CVE - Get Free Report) TSE: CVE last released its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. During the same quarter in the previous year, the firm earned $0.47 earnings per share. The firm's revenue for the quarter was up 1.0% compared to the same quarter last year. Equities research analysts forecast that Cenovus Energy Inc will post 3.15 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently declared 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 represents a $0.88 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Monday, June 15th. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.20. Cenovus Energy's payout ratio is currently 35.16%.

Wall Street Analysts Forecast Growth

CVE has been the subject of several analyst reports. BMO Capital Markets restated an "outperform" rating on shares of Cenovus Energy in a research note on Friday, February 20th. Veritas raised shares of Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a research note on Tuesday, March 10th. Royal Bank Of Canada boosted their price objective on shares of Cenovus Energy from $45.00 to $47.00 and gave the stock an "outperform" rating in a report on Tuesday, May 19th. TD Securities reissued a "buy" rating on shares of Cenovus Energy in a research report on Friday, February 20th. Finally, UBS Group restated a "buy" rating on shares of Cenovus Energy in a research note on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $35.25.

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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