Cenovus Energy Inc (NYSE:CVE) Holdings Raised by Aigen Investment Management LP

Key Points

• Aigen Investment Management LP increased its stake in Cenovus Energy by 279.9% in Q1, owning 54,978 shares now worth $765,000.
• Cenovus Energy reported $0.33 earnings per share for the last quarter, beating estimates significantly, although revenue declined by 12.6% compared to the previous year.
• The company recently raised its dividend to $0.20 per share, marking an increase from the prior dividend of $0.11, reflecting a dividend yield of 425.0%.

Aigen Investment Management LP boosted its position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 279.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,978 shares of the oil and gas company's stock after buying an additional 40,508 shares during the quarter. Aigen Investment Management LP's holdings in Cenovus Energy were worth $765,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC acquired a new stake in Cenovus Energy during the first quarter worth about $38,000. Cromwell Holdings LLC raised its stake in Cenovus Energy by 1,165.1% during the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock worth $42,000 after acquiring an additional 2,808 shares during the period. Natixis acquired a new stake in Cenovus Energy during the fourth quarter worth about $98,000. Clarius Group LLC acquired a new stake in Cenovus Energy during the first quarter worth about $150,000. Finally, SeaBridge Investment Advisors LLC raised its stake in Cenovus Energy by 10.0% during the first quarter. SeaBridge Investment Advisors LLC now owns 11,000 shares of the oil and gas company's stock worth $153,000 after acquiring an additional 1,000 shares during the period. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Price Performance

NYSE:CVE traded down $0.09 during trading hours on Friday, reaching $15.04. 7,425,989 shares of the company's stock were exchanged, compared to its average volume of 13,300,274. The company has a market capitalization of $27.05 billion, a P/E ratio of 14.89 and a beta of 0.97. Cenovus Energy Inc has a 12 month low of $10.23 and a 12 month high of $20.03. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.24. The business's 50-day simple moving average is $14.45 and its two-hundred day simple moving average is $13.70.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.14 by $0.19. The business 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 firm's quarterly revenue was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.62 EPS. Sell-side analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CVE shares. Wall Street Zen upgraded shares of Cenovus Energy from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Veritas cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. The Goldman Sachs Group decreased their price objective 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. National Bankshares reiterated a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. Finally, Royal Bank Of Canada increased their price objective on shares of Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cenovus Energy presently has an average rating of "Moderate Buy" and a consensus target price of $23.33.

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.