Connor Clark & Lunn Investment Management Ltd. Grows Stake in Cenovus Energy Inc $CVE

Key Points

• Connor Clark & Lunn boosted its stake in Cenovus by 458.4% in Q3, adding 3,914,067 shares to hold 4,767,905 shares (about 0.27% of the company) worth roughly $80.94 million.
• Cenovus beat EPS expectations ($0.36 vs. $0.28) but missed on revenue, announced a $0.20 quarterly dividend (annualized $0.80, ~3.4% yield), trades with a $44.5B market cap, and carries an average analyst rating of "Moderate Buy" with a $27.33 target.

Connor Clark & Lunn Investment Management Ltd. boosted its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 458.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,767,905 shares of the oil and gas company's stock after buying an additional 3,914,067 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.27% of Cenovus Energy worth $80,939,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new stake in Cenovus Energy during the 2nd quarter worth approximately $27,000. Allworth Financial LP lifted its position in shares of Cenovus Energy by 104.3% in the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company's stock valued at $31,000 after acquiring an additional 1,168 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock worth $44,000 after acquiring an additional 1,384 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Cenovus Energy by 57.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company's stock worth $67,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Advisors Asset Management Inc. purchased a new stake in shares of Cenovus Energy during the second quarter worth approximately $78,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Stock Up 4.5%

Shares of NYSE CVE opened at $23.69 on Thursday. The company has a market capitalization of $44.53 billion, a P/E ratio of 15.48 and a beta of 0.43. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. The company has a 50 day simple moving average of $20.15 and a 200-day simple moving average of $18.26. Cenovus Energy Inc has a 1 year low of $10.23 and a 1 year high of $23.89.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.08. The firm had revenue of $9.44 billion for the quarter, compared to analysts' expectations of $10.89 billion. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.During the same period in the prior year, the firm posted $0.07 earnings per share. On average, equities research analysts predict that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, March 13th. Cenovus Energy's dividend payout ratio is 37.91%.

Wall Street Analysts Forecast Growth

CVE has been the topic of a number of research reports. TD Securities restated a "buy" rating on shares of Cenovus Energy in a report on Friday, February 20th. Morgan Stanley reiterated an "overweight" rating on shares of Cenovus Energy in a research report on Thursday, November 20th. Scotiabank raised shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, February 20th. Zacks Research lowered shares of Cenovus Energy from a "hold" rating to a "strong sell" rating in a research report on Friday, February 20th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $22.00 price objective on shares of Cenovus Energy in a research note on Monday, February 2nd. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $27.33.

Cenovus Energy Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

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