Cambiar Investors LLC Boosts Stock Holdings in Cenovus Energy Inc $CVE

Key Points

• Cambiar Investors LLC increased its holdings in Cenovus Energy by 36.4% to approximately $46.56 million, making it the 18th largest position in their portfolio.
• Several hedge funds and institutional investors, including Dimensional Fund Advisors and American Century Companies, also raised their stakes in Cenovus Energy during the first quarter, reflecting increased interest in the stock.
• Cenovus Energy recently increased its dividend from $0.11 to $0.20 per share, representing a significant yield of 425.0%.

Cambiar Investors LLC grew its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 36.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,347,074 shares of the oil and gas company's stock after acquiring an additional 893,282 shares during the quarter. Cenovus Energy comprises about 2.0% of Cambiar Investors LLC's portfolio, making the stock its 18th biggest position. Cambiar Investors LLC owned approximately 0.18% of Cenovus Energy worth $46,558,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CVE. Capital World Investors boosted its position in shares of Cenovus Energy by 15.8% in the 4th quarter. Capital World Investors now owns 191,412,590 shares of the oil and gas company's stock worth $2,901,131,000 after purchasing an additional 26,127,617 shares in the last quarter. Vanguard Group Inc. lifted its position in Cenovus Energy by 8.8% during 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 during the period. Capital International Investors lifted its position in Cenovus Energy by 0.7% during the 4th quarter. Capital International Investors now owns 53,572,829 shares of the oil and gas company's stock worth $811,769,000 after acquiring an additional 382,519 shares during the period. Mackenzie Financial Corp lifted its position in Cenovus Energy by 56.5% during the 1st quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock worth $270,742,000 after acquiring an additional 7,035,004 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Cenovus Energy by 33.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company's stock worth $241,513,000 after acquiring an additional 4,362,384 shares during the period. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Price Performance

NYSE CVE traded up $0.8850 during trading hours on Friday, reaching $16.0950. The company's stock had a trading volume of 12,875,173 shares, compared to its average volume of 11,910,156. The firm has a market capitalization of $28.95 billion, a price-to-earnings ratio of 15.94 and a beta of 0.97. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $19.64. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. The company's 50-day moving average is $14.52 and its two-hundred day moving average is $13.71.

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

Cenovus Energy Increases Dividend

The firm also recently declared a dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a $0.20 dividend. This represents a yield of 425.0%. The ex-dividend date of this dividend was Friday, June 13th. This is a positive change from Cenovus Energy's previous dividend of $0.11. Cenovus Energy's payout ratio is currently 57.43%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. The Goldman Sachs Group decreased their price objective on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. National Bankshares reissued a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. Finally, Royal Bank Of Canada boosted their price objective on Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $23.33.

About Cenovus Energy

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.