Capital International Inc. CA Buys 943,390 Shares of Cenovus Energy Inc $CVE

Key Points

• Capital International Inc. CA increased its Cenovus Energy stake by 26.3% in the fourth quarter, buying 943,390 additional shares and bringing its total holding to 4,525,223 shares valued at about $76.6 million.
• Analysts remain broadly positive on the stock, with a consensus rating of Buy and an average price target of $35.25. Recent updates included upgrades from Wall Street Zen and Veritas, while Lake Street Capital set a $36 target.
• Cenovus reported strong quarterly results, beating EPS and revenue expectations, and also raised its quarterly dividend to $0.22 per share. The new payout implies a 3.1% annualized yield.

Capital International Inc. CA raised its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 26.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,525,223 shares of the oil and gas company's stock after purchasing an additional 943,390 shares during the quarter. Capital International Inc. CA owned 0.24% of Cenovus Energy worth $76,563,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. J.W. Cole Advisors Inc. raised its holdings in shares of Cenovus Energy by 3.9% during the fourth quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company's stock valued at $227,000 after acquiring an additional 500 shares in the last quarter. Gateway Investment Advisers LLC raised its holdings in shares of Cenovus Energy by 0.6% during the fourth quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company's stock valued at $1,590,000 after acquiring an additional 523 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Cenovus Energy by 0.9% during the fourth quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company's stock valued at $1,104,000 after acquiring an additional 565 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Cenovus Energy by 24.4% during the fourth quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company's stock valued at $56,000 after acquiring an additional 649 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in shares of Cenovus Energy by 15.7% during the fourth quarter. IFP Advisors Inc now owns 4,839 shares of the oil and gas company's stock valued at $82,000 after acquiring an additional 656 shares in the last quarter. Institutional investors own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

CVE has been the subject of a number of research reports. Wall Street Zen upgraded Cenovus Energy from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 9th. Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. Scotiabank restated an "outperform" rating on shares of Cenovus Energy in a report on Thursday, May 7th. Raymond James Financial downgraded Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a report on Wednesday, May 6th. Finally, Veritas upgraded Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday, March 10th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $35.25.

Cenovus Energy Stock Down 5.2%

NYSE CVE opened at $28.25 on Friday. The stock's 50-day moving average price is $27.87 and its 200-day moving average price is $22.54. 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 52 week low of $13.29 and a 52 week high of $32.07. The company has a market capitalization of $52.82 billion, a P/E ratio of 15.52 and a beta of 0.34.

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

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.22 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.1%. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.20. Cenovus Energy's dividend payout ratio (DPR) is currently 32.42%.

About Cenovus Energy

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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