Connor Clark & Lunn Investment Management Ltd. Invests $355.75 Million in Cenovus Energy Inc $CVE

Key Points

• Connor Clark & Lunn Investment Management acquired 14.28 million Cenovus Energy shares worth approximately $355.75 million, giving it a 0.77% stake and making CVE its 27th-largest portfolio holding.
• Cenovus reported quarterly revenue of $14.59 billion, up 47.9% year over year, while earnings of $1.11 per share matched analyst expectations. Institutional investors collectively own 51.19% of the company.
• The company declared a quarterly dividend of $0.22 per share, equivalent to an annualized $0.88 payout and a 2.7% yield. Analysts maintain a broadly positive view, with a consensus “Moderate Buy” rating and a $36.25 price target.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 14,283,683 shares of the oil and gas company's stock, valued at approximately $355,752,000. Cenovus Energy accounts for 0.7% of Connor Clark & Lunn Investment Management Ltd.'s investment portfolio, making the stock its 27th largest position. Connor Clark & Lunn Investment Management Ltd. owned 0.77% of Cenovus Energy at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of CVE. J.W. Cole Advisors Inc. increased its holdings in Cenovus Energy by 3.9% during the 4th quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company's stock worth $227,000 after purchasing an additional 500 shares during the period. Gateway Investment Advisers LLC grew its position in shares of Cenovus Energy by 0.6% during the 4th quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company's stock worth $1,590,000 after buying an additional 523 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Cenovus Energy by 0.9% during the 4th quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company's stock worth $1,104,000 after buying an additional 565 shares in the last quarter. OLD National Bancorp IN increased its stake in shares of Cenovus Energy by 5.2% during the first quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company's stock valued at $334,000 after buying an additional 618 shares during the period. Finally, Farther Finance Advisors LLC increased its stake in shares of Cenovus Energy by 24.4% during the fourth quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company's stock valued at $56,000 after buying an additional 649 shares during the period. Institutional investors own 51.19% of the company's stock.

Cenovus Energy Trading Up 0.2%

CVE opened at $32.99 on Monday. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The firm has a market cap of $61.01 billion, a price-to-earnings ratio of 12.69 and a beta of 0.34. Cenovus Energy Inc has a 12 month low of $15.44 and a 12 month high of $33.40. The stock has a fifty day moving average price of $27.83 and a 200-day moving average price of $26.51.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting analysts' consensus estimates of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company had revenue of $14.59 billion for the quarter, compared to the consensus estimate of $11.87 billion. During the same quarter last year, the company earned $0.45 earnings per share. The firm's revenue for the quarter was up 47.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy's dividend payout ratio is presently 24.62%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CVE shares. Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a research note on Wednesday. Zacks Research downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 16th. Desjardins upgraded shares of Cenovus Energy to a "moderate buy" rating in a report on Thursday, July 16th. Wall Street Zen raised shares of Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $36.25.

About Cenovus Energy

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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