Cenovus Energy Inc $CVE Shares Sold by GeoSphere Capital Management LLC

Key Points

• GeoSphere Capital Management cut its Cenovus Energy stake by 48.4% in the fourth quarter, leaving it with 165,000 shares valued at about $2.79 million.
• Cenovus reported better-than-expected quarterly results, with EPS of $0.61 versus $0.56 expected and revenue of $10.79 billion versus $9.47 billion forecast.
• The company also raised its quarterly dividend to $0.22 per share from $0.20, and analysts currently rate the stock a consensus Buy with a target price of $35.25.

GeoSphere Capital Management LLC trimmed its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 48.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 165,000 shares of the oil and gas company's stock after selling 155,000 shares during the period. Cenovus Energy makes up about 0.9% of GeoSphere Capital Management LLC's holdings, making the stock its 24th biggest holding. GeoSphere Capital Management LLC's holdings in Cenovus Energy were worth $2,792,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Capital Research Global Investors increased its holdings in shares of 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 buying an additional 79,345,506 shares during the last quarter. Vanguard Group Inc. increased its holdings in Cenovus Energy by 12.8% in the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company's stock valued at $1,074,660,000 after purchasing an additional 7,197,843 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Cenovus Energy by 46.7% in the 3rd quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company's stock valued at $520,196,000 after purchasing an additional 9,753,134 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Cenovus Energy by 24.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company's stock valued at $303,470,000 after purchasing an additional 3,507,525 shares in the last quarter. Finally, Smead Capital Management Inc. increased its holdings in Cenovus Energy by 13.3% in the 2nd quarter. Smead Capital Management Inc. now owns 17,552,075 shares of the oil and gas company's stock valued at $238,999,000 after purchasing an additional 2,056,163 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Stock Performance

NYSE:CVE opened at $30.04 on Monday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. The firm has a 50-day moving average of $27.00 and a two-hundred day moving average of $21.78. The stock has a market cap of $56.31 billion, a P/E ratio of 16.50 and a beta of 0.37. Cenovus Energy Inc has a 1-year low of $12.88 and a 1-year high of $32.07.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.05. The company had revenue of $10.79 billion during the quarter, compared to analysts' expectations 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 period in the prior year, the company posted $0.47 EPS. On average, research analysts expect that Cenovus Energy Inc will post 3.01 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 2.9%. Cenovus Energy's dividend payout ratio is 32.42%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Scotiabank reiterated 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. The Goldman Sachs Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. 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, ten have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $35.25.

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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