LPL Financial LLC Buys 89,660 Shares of Cenovus Energy Inc $CVE

Key Points

• LPL Financial LLC significantly increased its stake in Cenovus Energy Inc by 71.1% in the first quarter, acquiring an additional 89,660 shares to bring its total holdings to 215,847 shares, valued at approximately $3 million.
• Cenovus Energy's quarterly earnings report showed a net margin of 5.18% and earnings of $0.33 per share, surpassing analysts' estimates of $0.14.
• The company recently increased its dividend payout from $0.11 to $0.20, reflecting a strong dividend yield of 425% and a payout ratio of 56.44%.

LPL Financial LLC raised its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 71.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 215,847 shares of the oil and gas company's stock after buying an additional 89,660 shares during the quarter. LPL Financial LLC's holdings in Cenovus Energy were worth $3,002,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC acquired a new position in Cenovus Energy in the first quarter valued at about $38,000. Cromwell Holdings LLC lifted its stake in Cenovus Energy by 1,165.1% in the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock valued at $42,000 after buying an additional 2,808 shares during the period. Natixis acquired a new position in Cenovus Energy in the fourth quarter valued at about $98,000. Clarius Group LLC acquired a new position in Cenovus Energy in the first quarter valued at about $150,000. Finally, SeaBridge Investment Advisors LLC lifted its stake in Cenovus Energy by 10.0% in 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 buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Stock Up 1.0%

Shares of NYSE:CVE traded up $0.1550 during mid-day trading on Wednesday, reaching $15.0150. 5,671,016 shares of the stock were exchanged, compared to its average volume of 11,890,169. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.24. The company has a market cap of $27.01 billion, a P/E ratio of 14.88 and a beta of 0.97. Cenovus Energy Inc has a one year low of $10.23 and a one year high of $19.64. The stock's 50 day simple moving average is $14.49 and its 200-day simple moving average is $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 analysts' consensus estimates of $0.14 by $0.19. The firm had revenue of $10.66 billion during 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%.The business's revenue was down 12.6% compared to the same quarter last year. During the same period last year, the company earned $0.62 earnings per share. As a group, equities research analysts predict that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Increases Dividend

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

Analyst Ratings Changes

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

Cenovus Energy 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.