Cenovus Energy Inc $CVE Shares Acquired by L1 Capital Pty Ltd

Key Points

• L1 Capital Pty Ltd increased its stake in Cenovus Energy by 23.2%, owning a total of 8,214,366 shares, which make up about 10.6% of its portfolio.
• Cenovus Energy recently announced a quarterly dividend of $0.20 per share, representing an annualized dividend yield of 4.8%.
• The company's latest earnings report showed an EPS of $0.33, surpassing analysts’ expectations by $0.19, although revenue dropped 12.6% year-over-year.

L1 Capital Pty Ltd lifted its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 23.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,214,366 shares of the oil and gas company's stock after buying an additional 1,544,848 shares during the period. Cenovus Energy makes up approximately 10.6% of L1 Capital Pty Ltd's investment portfolio, making the stock its 3rd biggest position. L1 Capital Pty Ltd owned about 0.45% of Cenovus Energy worth $114,262,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in CVE. Mackenzie Financial Corp boosted its stake in shares of Cenovus Energy by 56.5% in the first quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock valued at $270,742,000 after buying an additional 7,035,004 shares during the period. Vanguard Group Inc. boosted its stake in shares of Cenovus Energy by 8.8% in the first quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company's stock valued at $757,213,000 after buying an additional 4,401,045 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Cenovus Energy by 33.6% in the first quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company's stock valued at $241,513,000 after buying an additional 4,362,384 shares during the period. Toronto Dominion Bank boosted its stake in shares of Cenovus Energy by 91.7% in the fourth quarter. Toronto Dominion Bank now owns 7,233,491 shares of the oil and gas company's stock valued at $109,515,000 after buying an additional 3,460,311 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Cenovus Energy by 40.2% in the first quarter. Invesco Ltd. now owns 11,281,543 shares of the oil and gas company's stock valued at $156,926,000 after buying an additional 3,237,659 shares during the period. 51.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CVE has been the subject of several recent analyst reports. Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. National Bank Financial upgraded Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. Jefferies Financial Group restated a "buy" rating on shares of Cenovus Energy in a research note on Tuesday. Royal Bank Of Canada upped their target price on Cenovus Energy from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, National Bankshares upgraded Cenovus Energy from a "sector perform" rating to an "outperform" rating in a research note on Friday, August 22nd. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $23.33.

Cenovus Energy Price Performance

Shares of NYSE:CVE traded down $0.53 during trading on Friday, hitting $15.95. 13,087,844 shares of the company were exchanged, compared to its average volume of 13,236,959. The business's 50 day moving average is $15.04 and its 200-day moving average is $13.82. The company has a market capitalization of $28.69 billion, a P/E ratio of 15.79 and a beta of 0.99. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $18.61.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly 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. The company had revenue of $10.66 billion during the quarter, compared to the consensus estimate of $10.64 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The company's revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.62 earnings per share. Equities analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, September 15th. This represents a $0.80 annualized dividend and a dividend yield of 5.0%. Cenovus Energy's dividend payout ratio is 57.43%.

Cenovus Energy Company 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.