Korea Investment CORP Acquires 17,043 Shares of Cenovus Energy Inc $CVE

Key Points

• Korea Investment CORP increased its holdings in Cenovus Energy by 1.1%, owning approximately 1.53 million shares valued at $21.33 million as of the latest SEC filing.
• Cenovus Energy's recent quarterly earnings reported an EPS of $0.33, surpassing estimates, while year-over-year revenue declined by 12.6% to $10.66 billion.
• The company recently raised its dividend from $0.11 to $0.20, representing a yield of 425.0% based on a payout ratio of 57.43%.

Korea Investment CORP boosted its holdings in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 1.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,534,811 shares of the oil and gas company's stock after buying an additional 17,043 shares during the period. Korea Investment CORP owned approximately 0.08% of Cenovus Energy worth $21,328,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Public Employees Retirement System of Ohio boosted its holdings in shares of Cenovus Energy by 0.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 241,113 shares of the oil and gas company's stock worth $3,653,000 after acquiring an additional 762 shares during the period. NFP Retirement Inc. lifted its holdings in Cenovus Energy by 2.7% during the 1st quarter. NFP Retirement Inc. now owns 34,500 shares of the oil and gas company's stock worth $480,000 after purchasing an additional 900 shares in the last quarter. Guggenheim Capital LLC boosted its stake in Cenovus Energy by 4.5% in the 4th quarter. Guggenheim Capital LLC now owns 20,974 shares of the oil and gas company's stock worth $318,000 after purchasing an additional 908 shares during the period. Meridian Investment Counsel Inc. grew its holdings in Cenovus Energy by 4.9% during the 1st quarter. Meridian Investment Counsel Inc. now owns 21,275 shares of the oil and gas company's stock valued at $296,000 after buying an additional 1,000 shares in the last quarter. Finally, SeaBridge Investment Advisors LLC grew its holdings in Cenovus Energy by 10.0% during the 1st quarter. SeaBridge Investment Advisors LLC now owns 11,000 shares of the oil and gas company's stock valued at $153,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Veritas downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Wall Street Zen raised shares of Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. The Goldman Sachs Group cut their price target on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Finally, Royal Bank Of Canada boosted their price target on shares of Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $23.33.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock traded up $0.3350 on Monday, hitting $16.7250. 17,075,515 shares of the company traded hands, compared to its average volume of 12,014,494. Cenovus Energy Inc has a 12-month low of $10.23 and a 12-month high of $19.64. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. The company has a market cap of $30.08 billion, a P/E ratio of 16.57 and a beta of 0.97. The firm's 50-day simple moving average is $14.55 and its 200 day simple moving average is $13.71.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its earnings results on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, topping 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 company had revenue of $10.66 billion during the quarter, compared to analyst estimates of $10.64 billion. During the same period in the previous year, the business earned $0.62 earnings per share. The firm's quarterly revenue was down 12.6% compared to the same quarter last year. Analysts expect that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

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

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.