Invesco Ltd. Increases Holdings in Cenovus Energy Inc $CVE

Key Points

• Invesco Ltd. increased its stake in Cenovus Energy Inc by 40.2% during Q1, now owning about 11.3 million shares valued at approximately $157 million.
• Cenovus Energy's stock price decreased by 0.6% to $15.04, with a market cap of $27.05 billion and a P/E ratio of 14.89.
• The company declared a new dividend of $0.20, up from $0.11, reflecting a dividend yield of 425.0% and a payout ratio of 57.43%.

Invesco Ltd. raised its position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 40.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,281,543 shares of the oil and gas company's stock after purchasing an additional 3,237,659 shares during the period. Invesco Ltd. owned about 0.62% of Cenovus Energy worth $156,926,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVE. Capital World Investors lifted its holdings 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 valued at $2,901,131,000 after purchasing an additional 26,127,617 shares in the last quarter. Mackenzie Financial Corp increased its stake in shares of Cenovus Energy by 56.5% during the 1st quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock valued at $270,742,000 after acquiring an additional 7,035,004 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Cenovus Energy by 8.8% during the 1st quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company's stock worth $757,213,000 after acquiring an additional 4,401,045 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Cenovus Energy by 48.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 13,001,002 shares of the oil and gas company's stock worth $196,935,000 after acquiring an additional 4,220,663 shares during the period. Finally, Toronto Dominion Bank lifted its holdings in shares of Cenovus Energy by 91.7% during the 4th quarter. Toronto Dominion Bank now owns 7,233,491 shares of the oil and gas company's stock worth $109,515,000 after acquiring an additional 3,460,311 shares during the period. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CVE shares. Royal Bank Of Canada increased their price objective on shares of Cenovus Energy from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Veritas downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. The Goldman Sachs Group lowered their price objective on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Wall Street Zen raised shares of Cenovus Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Finally, National Bankshares reaffirmed a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $23.33.

Cenovus Energy Price Performance

Cenovus Energy stock traded down $0.1030 during mid-day trading on Tuesday, hitting $14.8470. 2,413,237 shares of the company were exchanged, compared to its average volume of 11,884,790. 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 1-year low of $10.23 and a 1-year high of $19.64. The company has a market capitalization of $26.70 billion, a PE ratio of 14.75 and a beta of 0.97. The business has a fifty day moving average of $14.48 and a 200 day moving average of $13.69.

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

Cenovus Energy Increases Dividend

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

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.