Letko Brosseau & Associates Inc. Has $100.78 Million Stock Position in Cenovus Energy Inc $CVE

Key Points

• Letko Brosseau & Associates trimmed its Cenovus Energy stake by 0.9% in the fourth quarter, but still held 5,949,541 shares valued at about $100.78 million.
• Other major institutional investors also increased or maintained large positions, and institutions and hedge funds own 51.19% of Cenovus Energy’s stock.
• Cenovus reported better-than-expected quarterly results with EPS of $0.61 versus $0.56 expected, and it also raised its quarterly dividend to $0.22 per share, implying a 3.2% yield.

Letko Brosseau & Associates Inc. lowered its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 0.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,949,541 shares of the oil and gas company's stock after selling 55,902 shares during the quarter. Cenovus Energy comprises approximately 1.7% of Letko Brosseau & Associates Inc.'s holdings, making the stock its 19th largest holding. Letko Brosseau & Associates Inc. owned 0.32% of Cenovus Energy worth $100,783,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. Capital Research Global Investors lifted its stake in shares of Cenovus Energy by 16.6% in the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company's stock valued at $2,103,090,000 after purchasing an additional 17,730,542 shares during the period. Vanguard Group Inc. lifted its stake in shares of Cenovus Energy by 12.8% in the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company's stock valued at $1,074,660,000 after purchasing an additional 7,197,843 shares during the period. Capital International Investors lifted its stake in shares of Cenovus Energy by 3.9% in the 4th quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company's stock valued at $862,505,000 after purchasing an additional 1,903,432 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Cenovus Energy by 46.7% in the 3rd quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company's stock valued at $520,196,000 after purchasing an additional 9,753,134 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Cenovus Energy by 24.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company's stock valued at $303,470,000 after purchasing an additional 3,507,525 shares during the period. Institutional investors and hedge funds own 51.19% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Veritas raised Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a research note on Tuesday, March 10th. TD Securities reissued a "buy" rating on shares of Cenovus Energy in a research note on Friday, February 20th. Lake Street Capital set a $36.00 price target on Cenovus Energy in a research note on Wednesday, May 13th. Weiss Ratings raised Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, June 1st. Finally, Zacks Research raised Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Cenovus Energy has an average rating of "Buy" and a consensus price target of $35.25.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $27.63 on Wednesday. The company has a market capitalization of $51.66 billion, a PE ratio of 15.18 and a beta of 0.34. Cenovus Energy Inc has a 12 month low of $13.47 and a 12 month high of $32.07. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The stock's fifty day simple moving average is $27.95 and its 200 day simple moving average is $22.71.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. The business had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The firm's revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 EPS. On average, research analysts predict that Cenovus Energy Inc will post 3.15 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.2%. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.20. Cenovus Energy's dividend payout ratio (DPR) is 32.42%.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

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