Tejara Capital Ltd Boosts Position in Cenovus Energy Inc $CVE

Key Points

• Tejara Capital Ltd significantly increased its stake in Cenovus Energy by 201.4%, acquiring an additional 92,607 shares, which brought its total holdings to 138,600 shares valued at approximately $1.93 million.
• Cenovus Energy recently reported a quarterly earnings per share (EPS) of $0.33, which surpassed analyst expectations by $0.19, despite a year-over-year revenue decline of 12.6%.
• The company has announced a dividend increase from $0.11 to $0.20, with a current dividend yield of 425.0% and a payout ratio of 57.43%.

Tejara Capital Ltd lifted its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 201.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 138,600 shares of the oil and gas company's stock after acquiring an additional 92,607 shares during the quarter. Tejara Capital Ltd's holdings in Cenovus Energy were worth $1,928,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its holdings in 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 valued at $241,513,000 after purchasing an additional 4,362,384 shares in the last quarter. NFP Retirement Inc. lifted its holdings in shares of Cenovus Energy by 2.7% in the first quarter. NFP Retirement Inc. now owns 34,500 shares of the oil and gas company's stock worth $480,000 after buying an additional 900 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Cenovus Energy in the first quarter worth $42,000. Gulf International Bank UK Ltd lifted its holdings in shares of Cenovus Energy by 2,972.9% in the first quarter. Gulf International Bank UK Ltd now owns 77,192 shares of the oil and gas company's stock worth $1,074,000 after buying an additional 74,680 shares in the last quarter. Finally, Persistent Asset Partners Ltd lifted its holdings in shares of Cenovus Energy by 20.6% in the first quarter. Persistent Asset Partners Ltd now owns 68,792 shares of the oil and gas company's stock worth $957,000 after buying an additional 11,751 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CVE. Wall Street Zen raised shares of Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Veritas cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. The Goldman Sachs Group reduced their price target on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Royal Bank Of Canada boosted their price target on shares of Cenovus Energy from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Finally, National Bankshares reissued a "sector perform" rating on shares of Cenovus Energy in a research note on Friday, April 25th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Cenovus Energy presently has an average rating of "Moderate Buy" and an average target price of $23.33.

Cenovus Energy Stock Down 0.6%

NYSE:CVE traded down $0.0950 during mid-day trading on Tuesday, reaching $14.8550. The company's stock had a trading volume of 8,644,947 shares, compared to its average volume of 11,919,811. The firm has a market capitalization of $26.72 billion, a PE ratio of 14.71 and a beta of 0.97. The stock has a fifty day moving average of $14.48 and a 200-day moving average of $13.69. Cenovus Energy Inc has a 1 year low of $10.23 and a 1 year high of $19.64. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.24.

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, beating the consensus estimate of $0.14 by $0.19. The business had revenue of $10.66 billion during the quarter, compared to analyst estimates of $10.64 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The company's quarterly revenue was down 12.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.62 earnings per share. Equities research analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current 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 issued 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 yield of 425.0%. Cenovus Energy's dividend payout ratio is currently 57.43%.

Cenovus Energy 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.