Canoe Financial LP Has $111.73 Million Stock Position in Cenovus Energy Inc $CVE

Key Points

• Canoe Financial LP cut its Cenovus Energy stake by 30.6% in the first quarter, but still held 4.21 million shares valued at about $111.7 million. Cenovus remains a meaningful holding for the firm, making up 1.5% of its portfolio.
• Cenovus reported better-than-expected quarterly results, posting EPS of $0.61 versus the $0.56 consensus and revenue of $10.79 billion versus estimates of $9.47 billion. Analysts expect the company to earn 3.15 EPS for the current fiscal year.
• The company raised its quarterly dividend to $0.22 per share from $0.20, implying an annualized dividend of $0.88 and a yield of about 3.5%. Wall Street currently has a consensus rating of Moderate Buy with an average target price of $35.25.

Canoe Financial LP reduced its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 30.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,211,181 shares of the oil and gas company's stock after selling 1,857,019 shares during the quarter. Cenovus Energy comprises 1.5% of Canoe Financial LP's holdings, making the stock its 27th largest position. Canoe Financial LP owned 0.22% of Cenovus Energy worth $111,726,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Capital Research Global Investors lifted its holdings in Cenovus Energy by 291.3% during the 3rd quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company's stock worth $1,809,758,000 after purchasing an additional 79,345,506 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in Cenovus Energy by 440.8% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 15,414,179 shares of the oil and gas company's stock worth $260,797,000 after buying an additional 12,564,179 shares during the period. Canada Pension Plan Investment Board increased its position in Cenovus Energy by 322.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company's stock worth $211,338,000 after buying an additional 11,849,355 shares during the period. FIL Ltd lifted its holdings in shares of Cenovus Energy by 40.0% during the fourth quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company's stock worth $651,880,000 after buying an additional 11,019,212 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of Cenovus Energy by 46.7% during the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company's stock worth $520,196,000 after buying an additional 9,753,134 shares in the last quarter. Institutional investors own 51.19% of the company's stock.

Cenovus Energy Price Performance

CVE stock opened at $24.80 on Monday. The company's 50-day moving average price is $27.93 and its two-hundred day moving average price is $23.46. The firm has a market cap of $46.15 billion, a P/E ratio of 13.63 and a beta of 0.34. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. Cenovus Energy Inc has a 12 month low of $13.47 and a 12 month high of $32.07.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.05. The business had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm's revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter last year, the business posted $0.47 EPS. On average, analysts anticipate that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, June 15th. This is a boost from Cenovus Energy's previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a yield of 3.5%. Cenovus Energy's dividend payout ratio is currently 35.16%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CVE shares. Scotiabank restated an "outperform" rating on shares of Cenovus Energy in a research note on Thursday, May 7th. Royal Bank Of Canada boosted their price objective on shares of Cenovus Energy from $45.00 to $47.00 and gave the company an "outperform" rating in a report on Tuesday, May 19th. Raymond James Financial cut shares of Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a report on Wednesday, May 6th. Weiss Ratings cut Cenovus Energy from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, June 18th. Finally, UBS Group restated a "buy" rating on shares of Cenovus Energy in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $35.25.

Cenovus Energy 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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