Gulf International Bank UK Ltd Purchases 74,680 Shares of Cenovus Energy Inc $CVE

Key Points

• Gulf International Bank UK Ltd significantly increased its stake in Cenovus Energy Inc by 2,972.9%, acquiring a total of 77,192 shares valued at $1,074,000.
• Cenovus Energy reported earnings of $0.33 per share for the last quarter, exceeding analysts' expectations of $0.14, despite a year-over-year revenue decline of 12.6%.
• The company announced a dividend increase from $0.11 to $0.20 per share, reflecting a yield of 425.0% and a payout ratio of 57.43%.

Gulf International Bank UK Ltd raised its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 2,972.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 77,192 shares of the oil and gas company's stock after purchasing an additional 74,680 shares during the quarter. Gulf International Bank UK Ltd's holdings in Cenovus Energy were worth $1,074,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CVE. Alliancebernstein L.P. grew its stake in shares of Cenovus Energy by 0.7% during the 4th quarter. Alliancebernstein L.P. now owns 106,532 shares of the oil and gas company's stock valued at $1,614,000 after acquiring an additional 779 shares during the period. Raymond James Financial Inc. bought a new position in shares of Cenovus Energy during the 4th quarter valued at approximately $3,649,000. Guggenheim Capital LLC grew its stake in shares of Cenovus Energy by 4.5% during the 4th quarter. Guggenheim Capital LLC now owns 20,974 shares of the oil and gas company's stock valued at $318,000 after acquiring an additional 908 shares during the period. Capital International Sarl grew its stake in shares of Cenovus Energy by 6.0% during the 4th quarter. Capital International Sarl now owns 1,224,469 shares of the oil and gas company's stock valued at $18,552,000 after acquiring an additional 69,411 shares during the period. Finally, Capital International Investors grew its stake in shares of Cenovus Energy by 0.7% during the 4th quarter. Capital International Investors now owns 53,572,829 shares of the oil and gas company's stock valued at $811,769,000 after acquiring an additional 382,519 shares during the period. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Trading Up 1.2%

Cenovus Energy stock traded up $0.1750 during mid-day trading on Wednesday, hitting $15.0350. The company's stock had a trading volume of 7,055,373 shares, compared to its average volume of 11,899,174. The company has a 50 day moving average of $14.49 and a 200-day moving average of $13.70. The stock has a market cap of $27.04 billion, a PE ratio of 14.86 and a beta of 0.97. 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 one year low of $10.23 and a one year high of $19.64.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings data 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 company had revenue of $10.66 billion for the quarter, compared to the consensus estimate of $10.64 billion. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.Cenovus Energy's quarterly revenue was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.62 EPS. On average, research analysts anticipate that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently declared a dividend, which was paid on Monday, June 30th. Stockholders 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 of this dividend was Friday, June 13th. This is a positive change from Cenovus Energy's previous dividend of $0.11. Cenovus Energy's dividend payout ratio is currently 56.44%.

Analyst Ratings Changes

A number of brokerages recently issued reports on CVE. National Bankshares reiterated a "sector perform" rating on shares of Cenovus Energy in a research note on Friday, April 25th. Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. The Goldman Sachs Group decreased their price target on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Finally, Royal Bank Of Canada increased their price target on Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Friday, August 1st. One equities research 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. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price 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.