CWA Asset Management Group LLC Acquires Shares of 137,077 Cenovus Energy Inc (NYSE:CVE)

CWA Asset Management Group LLC purchased a new stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 137,077 shares of the oil and gas company's stock, valued at approximately $1,907,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Capital World Investors raised its stake in Cenovus Energy by 15.8% in the fourth quarter. Capital World Investors now owns 191,412,590 shares of the oil and gas company's stock valued at $2,901,131,000 after buying an additional 26,127,617 shares during the last quarter. Capital International Investors raised its stake in shares of Cenovus Energy by 0.7% in the fourth quarter. Capital International Investors now owns 53,572,829 shares of the oil and gas company's stock worth $811,769,000 after purchasing an additional 382,519 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cenovus Energy by 48.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 13,001,002 shares of the oil and gas company's stock worth $196,935,000 after purchasing an additional 4,220,663 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of Cenovus Energy by 1.0% in the fourth quarter. Mackenzie Financial Corp now owns 12,446,229 shares of the oil and gas company's stock worth $188,467,000 after purchasing an additional 117,568 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Cenovus Energy by 29.2% in the fourth quarter. Geode Capital Management LLC now owns 8,287,334 shares of the oil and gas company's stock worth $128,783,000 after purchasing an additional 1,873,415 shares during the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

Cenovus Energy stock traded down $0.01 during midday trading on Friday, hitting $14.64. 11,186,760 shares of the company were exchanged, compared to its average volume of 9,611,428. The firm has a market capitalization of $26.67 billion, a PE ratio of 13.68 and a beta of 0.94. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $20.76. The business has a fifty day simple moving average of $13.10 and a two-hundred day simple moving average of $13.85. 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 posted its earnings results on Thursday, May 8th. The oil and gas company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.29 by $0.03. The firm had revenue of $11.15 billion for the quarter, compared to analyst estimates of $12.39 billion. Cenovus Energy had a return on equity of 9.56% and a net margin of 5.22%. During the same period last year, the company earned $0.62 earnings per share. On average, sell-side analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a dividend of $0.20 per share. This represents a yield of 4.25%. This is a positive change from Cenovus Energy's previous dividend of $0.11. The ex-dividend date is Friday, June 13th. Cenovus Energy's dividend payout ratio (DPR) is 54.21%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a research note on Friday, April 25th. The Goldman Sachs Group reduced their price objective on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Royal Bank Of Canada restated an "outperform" rating and issued a $25.00 price objective on shares of Cenovus Energy in a research note on Friday, April 11th. Finally, Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Cenovus Energy has an average rating of "Moderate Buy" and an average target price of $25.75.

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.