Cenovus Energy Inc (NYSE:CVE) Stock Position Increased by Panview Capital Ltd

Key Points

• Panview Capital Ltd has increased its stake in Cenovus Energy Inc by 5.4%, now holding approximately 1,165,000 shares, making it the company's 8th largest position.
• Recent analyst reports have led to a range of target prices for Cenovus Energy, with Goldman Sachs lowering its target from $18.00 to $16.00, while Royal Bank Of Canada maintains a $25.00 target price.
• Cenovus Energy recently increased its dividend to $0.20 per share, representing a yield of 4.25%, up from the previous $0.11.

Panview Capital Ltd lifted its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 5.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,165,000 shares of the oil and gas company's stock after purchasing an additional 60,000 shares during the period. Cenovus Energy accounts for approximately 6.1% of Panview Capital Ltd's portfolio, making the stock its 8th largest position. Panview Capital Ltd owned 0.06% of Cenovus Energy worth $16,205,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CVE. Bruce G. Allen Investments LLC purchased a new stake in Cenovus Energy in the first quarter worth about $38,000. Cromwell Holdings LLC lifted its holdings in shares of 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 valued at $42,000 after purchasing an additional 2,808 shares during the last quarter. Natixis purchased a new position in shares of Cenovus Energy during the fourth quarter valued at approximately $98,000. Clarius Group LLC purchased a new position in shares of Cenovus Energy during the first quarter valued at approximately $150,000. Finally, SeaBridge Investment Advisors LLC lifted its holdings in shares of 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 valued at $153,000 after purchasing an additional 1,000 shares during the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock traded up $0.03 on Tuesday, hitting $15.05. 6,294,710 shares of the company's stock were exchanged, compared to its average volume of 11,769,994. The company has a 50-day simple moving average of $14.02 and a 200-day simple moving average of $13.68. The stock has a market capitalization of $27.17 billion, a PE ratio of 14.06 and a beta of 0.93. Cenovus Energy Inc has a 1 year low of $10.23 and a 1 year high of $20.40. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.84 and a current ratio of 1.46.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.03. Cenovus Energy had a net margin of 5.22% and a return on equity of 9.56%. The business had revenue of $11.15 billion for the quarter, compared to analysts' expectations of $12.39 billion. During the same quarter last year, the company posted $0.62 EPS. As a group, equities analysts anticipate that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid 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 dividend yield of 4.25%. Cenovus Energy's payout ratio is 54.21%.

Analysts Set New Price Targets

CVE has been the subject of several recent research reports. National Bankshares reiterated a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. The Goldman Sachs Group reduced their price target on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Wall Street Zen downgraded shares of Cenovus Energy from a "hold" rating to a "sell" rating in a research report on Saturday. Royal Bank Of Canada reissued an "outperform" rating and set a $25.00 price target on shares of Cenovus Energy in a research report on Friday, April 11th. Finally, Veritas downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $23.00.

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.