Dimensional Fund Advisors LP Has $241.51 Million Position in Cenovus Energy Inc $CVE

Key Points

• Dimensional Fund Advisors LP has increased its stake in Cenovus Energy Inc by 33.6%, acquiring an additional 4,362,384 shares during the first quarter, amounting to a total of approximately 17.36 million shares valued at $241.5 million.
• Various institutional investors are actively engaging with Cenovus Energy, with notable increases in ownership, totaling 51.19% of the company's stock held by such investors.
• Cenovus Energy has recently increased its dividend to $0.20 per share, a significant rise from its previous $0.11, reflecting a dividend yield of 425%.

Dimensional Fund Advisors LP increased its holdings in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 33.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,363,386 shares of the oil and gas company's stock after buying an additional 4,362,384 shares during the period. Dimensional Fund Advisors LP owned about 0.95% of Cenovus Energy worth $241,513,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CVE. Bruce G. Allen Investments LLC acquired a new stake in Cenovus Energy during the 1st quarter worth approximately $38,000. Cromwell Holdings LLC boosted its position in Cenovus Energy by 1,165.1% during the 1st quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock worth $42,000 after buying an additional 2,808 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Cenovus Energy during the 1st quarter worth approximately $42,000. Natixis acquired a new stake in Cenovus Energy during the 4th quarter worth approximately $98,000. Finally, Clarius Group LLC acquired a new stake in Cenovus Energy during the 1st quarter worth approximately $150,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Trading Up 7.8%

Shares of NYSE CVE traded up $1.1850 during midday trading on Friday, reaching $16.3950. The stock had a trading volume of 24,876,186 shares, compared to its average volume of 12,539,326. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32. Cenovus Energy Inc has a twelve month low of $10.23 and a twelve month high of $19.64. The company's 50 day moving average price is $14.55 and its 200 day moving average price is $13.71. The firm has a market cap of $29.49 billion, a price-to-earnings ratio of 16.23 and a beta of 0.97.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its earnings results on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.19. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The company had revenue of $10.66 billion for the quarter, compared to the consensus estimate of $10.64 billion. During the same quarter in the previous year, the company earned $0.62 EPS. Cenovus Energy's quarterly revenue was down 12.6% compared to the same quarter last year. As a group, sell-side analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $0.20 per share. This represents a dividend yield of 425.0%. The ex-dividend date was Friday, June 13th. This is a boost from Cenovus Energy's previous dividend of $0.11. Cenovus Energy's dividend payout ratio is presently 57.43%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of Cenovus Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. The Goldman Sachs Group cut their target price 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 lifted their target price 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. National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a research report on Friday, April 25th. 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 equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, Cenovus Energy presently has an average rating of "Moderate Buy" and a consensus price target of $23.33.

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.