Jupiter Asset Management Ltd. Acquires New Holdings in Cenovus Energy Inc (NYSE:CVE)

Key Points

• Jupiter Asset Management Ltd. has acquired a new stake in Cenovus Energy Inc., purchasing 940,504 shares worth approximately $13 million, representing about 0.05% of the company's stock.
• Several other institutional investors have also increased their stakes in Cenovus Energy, with a collective 51.19% of the company's stock now held by institutional investors.
• Cenovus Energy recently announced an increase in its dividend to $0.20 per share, yielding 425.0%, up from a previous dividend of $0.11.

Jupiter Asset Management Ltd. purchased a new position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 940,504 shares of the oil and gas company's stock, valued at approximately $13,069,000. Jupiter Asset Management Ltd. owned approximately 0.05% of Cenovus Energy as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Bruce G. Allen Investments LLC purchased a new position in shares of Cenovus Energy during the first quarter valued at about $38,000. Cromwell Holdings LLC grew its position in shares of Cenovus Energy by 1,165.1% during the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock valued at $42,000 after purchasing an additional 2,808 shares in the last quarter. Natixis purchased a new position in shares of Cenovus Energy during the fourth quarter valued at about $98,000. Clarius Group LLC purchased a new position in shares of Cenovus Energy during the first quarter valued at about $150,000. Finally, SeaBridge Investment Advisors LLC grew its position in shares of Cenovus Energy by 10.0% during the first quarter. SeaBridge Investment Advisors LLC now owns 11,000 shares of the oil and gas company's stock valued at $153,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Cenovus Energy Trading Down 0.1%

NYSE CVE traded down $0.01 during trading on Thursday, hitting $14.84. The stock had a trading volume of 1,852,868 shares, compared to its average volume of 11,932,883. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32. The stock has a market capitalization of $26.79 billion, a price-to-earnings ratio of 14.67 and a beta of 0.97. Cenovus Energy Inc has a one year low of $10.23 and a one year high of $20.03. The stock has a 50 day simple moving average of $14.24 and a 200 day simple moving average of $13.70.

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, beating the consensus estimate of $0.14 by $0.19. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The firm had revenue of $10.66 billion during the quarter, compared to the consensus estimate of $10.64 billion. During the same quarter in the previous year, the firm posted $0.62 earnings per share. The company's revenue was down 12.6% on a year-over-year basis. Sell-side analysts predict that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Increases Dividend

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

Wall Street Analyst Weigh In

CVE has been the subject of a number of research analyst reports. Wall Street Zen upgraded Cenovus Energy from a "sell" rating to a "hold" rating in a research report on Sunday. The Goldman Sachs Group lowered their price target on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. National Bankshares reaffirmed a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Finally, Royal Bank Of Canada increased their price target 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 equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus 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.