Headlands Technologies LLC Acquires 81,900 Shares of Cenovus Energy Inc (NYSE:CVE)

Key Points

• Headlands Technologies LLC increased its holdings in Cenovus Energy Inc by 595.1% during the first quarter, owning 95,663 shares valued at $1,331,000.
• Cenovus Energy reported a $0.33 EPS for its quarterly earnings, exceeding the consensus estimate of $0.14, despite a 12.6% revenue drop year-over-year.
• The company recently announced an increased dividend of $0.20 per share, representing a significant yield of 425.0%.

Headlands Technologies LLC grew its position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 595.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,663 shares of the oil and gas company's stock after buying an additional 81,900 shares during the quarter. Headlands Technologies LLC's holdings in Cenovus Energy were worth $1,331,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CVE. Capital World Investors increased its position in Cenovus Energy by 15.8% in the 4th quarter. Capital World Investors now owns 191,412,590 shares of the oil and gas company's stock worth $2,901,131,000 after purchasing an additional 26,127,617 shares during the last quarter. Mackenzie Financial Corp increased its position in Cenovus Energy by 56.5% during the first quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock worth $270,742,000 after acquiring an additional 7,035,004 shares during the period. Vanguard Group Inc. lifted its stake in shares of Cenovus Energy by 8.8% in the first quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company's stock valued at $757,213,000 after buying an additional 4,401,045 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Cenovus Energy by 48.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 13,001,002 shares of the oil and gas company's stock valued at $196,935,000 after purchasing an additional 4,220,663 shares during the period. Finally, Toronto Dominion Bank raised its stake in shares of Cenovus Energy by 91.7% in the 4th quarter. Toronto Dominion Bank now owns 7,233,491 shares of the oil and gas company's stock valued at $109,515,000 after buying an additional 3,460,311 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on CVE shares. The Goldman Sachs Group decreased their target price on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research report on Tuesday, April 15th. National Bankshares reiterated a "sector perform" rating on shares of Cenovus Energy in a research report on Friday, April 25th. Finally, Royal Bank Of Canada boosted their price objective on shares of Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Cenovus Energy currently has an average rating of "Moderate Buy" and a consensus price target of $23.33.

Cenovus Energy Stock Performance

CVE traded up $0.17 during trading on Friday, hitting $14.88. 10,159,000 shares of the company traded hands, compared to its average volume of 12,665,970. The firm has a market cap of $26.87 billion, a P/E ratio of 14.73 and a beta of 0.97. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc has a one year low of $10.23 and a one year high of $20.03. The stock's fifty day moving average is $14.29 and its 200 day moving average is $13.69.

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

Cenovus Energy Increases Dividend

The company also recently declared a dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a dividend of $0.20 per share. This represents a yield of 425.0%. The ex-dividend date of this dividend was Friday, June 13th. This is an increase from Cenovus Energy's previous dividend of $0.11. Cenovus Energy's dividend payout ratio is currently 56.44%.

Cenovus Energy Company Profile

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.