Northern Trust Corp Increases Holdings in Cenovus Energy Inc $CVE

Key Points

• Northern Trust Corp increased its stake in Cenovus Energy by 19.0% in the first quarter, owning over 1.1 million shares valued at approximately $15.66 million as of its latest filing.
• Cenovus Energy has announced a quarterly dividend of $0.20 per share, payable on September 29th, representing an annualized yield of 4.7%.
• The company reported a net margin of 5.18% and earnings per share of $0.33 for its last quarter, beating expectations while showing a 12.6% decline in revenue compared to the previous year.

Northern Trust Corp grew its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 19.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,126,097 shares of the oil and gas company's stock after purchasing an additional 179,453 shares during the quarter. Northern Trust Corp owned approximately 0.06% of Cenovus Energy worth $15,664,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in CVE. Northwest & Ethical Investments L.P. grew its holdings in shares of Cenovus Energy by 39.2% during the first quarter. Northwest & Ethical Investments L.P. now owns 305,723 shares of the oil and gas company's stock worth $4,252,000 after buying an additional 86,040 shares during the last quarter. Cambiar Investors LLC grew its holdings in shares of Cenovus Energy by 36.4% during the first quarter. Cambiar Investors LLC now owns 3,347,074 shares of the oil and gas company's stock worth $46,558,000 after buying an additional 893,282 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Cenovus Energy by 4.3% during the first quarter. American Century Companies Inc. now owns 689,299 shares of the oil and gas company's stock worth $9,580,000 after buying an additional 28,623 shares during the last quarter. Tejara Capital Ltd grew its holdings in shares of Cenovus Energy by 201.4% during the first quarter. Tejara Capital Ltd now owns 138,600 shares of the oil and gas company's stock worth $1,928,000 after buying an additional 92,607 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Cenovus Energy by 33.6% during the first quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company's stock worth $241,513,000 after buying an additional 4,362,384 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CVE. UBS Group reissued a "buy" rating on shares of Cenovus Energy in a report on Monday, August 25th. National Bankshares upgraded shares of Cenovus Energy from a "sector perform" rating to an "outperform" rating in a research report on Friday, August 22nd. Veritas downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. National Bank Financial upgraded shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. Finally, Royal Bank Of Canada raised their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $23.33.

Cenovus Energy Price Performance

Shares of CVE stock traded down $0.53 during midday trading on Friday, reaching $15.95. 13,087,844 shares of the company traded hands, compared to its average volume of 13,236,959. The firm's 50 day simple moving average is $15.04 and its two-hundred day simple moving average is $13.82. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $18.61. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. The firm has a market cap of $28.69 billion, a PE ratio of 15.79 and a beta of 0.99.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $10.64 billion. During the same period last year, the firm earned $0.62 EPS. The company's revenue for the quarter was down 12.6% on a year-over-year basis. On average, equities research analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

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