Hotchkis & Wiley Capital Management LLC Has $73.29 Million Stock Holdings in Cenovus Energy Inc $CVE

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Cenovus Energy by 0.3%, owning 5,268,612 shares valued at approximately $73.3 million after selling 17,246 shares in the first quarter.
• Cenovus Energy reported $0.33 earnings per share for the last quarter, exceeding analysts' expectations of $0.14, although revenue declined by 12.6% year-over-year.
• The company increased its dividend to $0.20 per share, representing a yield of 425%, up from the previous dividend of $0.11, with a payout ratio of 56.44%.

Hotchkis & Wiley Capital Management LLC lessened its holdings in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 0.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 5,268,612 shares of the oil and gas company's stock after selling 17,246 shares during the period. Hotchkis & Wiley Capital Management LLC owned approximately 0.29% of Cenovus Energy worth $73,286,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CVE. Bruce G. Allen Investments LLC acquired a new position in shares of Cenovus Energy during the 1st quarter worth about $38,000. Cromwell Holdings LLC lifted its position in shares of Cenovus Energy by 1,165.1% during the 1st quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock worth $42,000 after purchasing an additional 2,808 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Cenovus Energy during the 1st quarter worth about $42,000. Natixis acquired a new position in shares of Cenovus Energy during the 4th quarter worth about $98,000. Finally, Clarius Group LLC acquired a new position in shares of Cenovus Energy during the 1st quarter worth about $150,000. Institutional investors and hedge funds own 51.19% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on CVE shares. The Goldman Sachs Group cut their price target on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. National Bankshares raised Cenovus Energy from a "sector perform" rating to an "outperform" rating in a report on Friday. National Bank Financial raised Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday. Royal Bank Of Canada upped their price target on Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $23.33.

Cenovus Energy Price Performance

Shares of CVE stock traded up $0.01 during trading hours on Tuesday, hitting $16.71. The company had a trading volume of 28,104,343 shares, compared to its average volume of 13,792,088. The firm has a market capitalization of $30.06 billion, a price-to-earnings ratio of 16.53 and a beta of 0.97. Cenovus Energy Inc has a 12 month low of $10.23 and a 12 month high of $19.21. The firm's fifty day moving average is $14.60 and its 200 day moving average is $13.72. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. The business had revenue of $10.66 billion for the quarter, compared to analyst estimates of $10.64 billion. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.Cenovus Energy's revenue for the quarter was down 12.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.62 EPS. On average, sell-side analysts predict that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

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

About Cenovus Energy

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.