Northwest & Ethical Investments L.P. Increases Stock Position in Cenovus Energy Inc $CVE

Key Points

• Northwest & Ethical Investments L.P. increased its holdings in Cenovus Energy by 39.2%, now owning 305,723 shares valued at approximately $4.25 million.
• Several institutional investors, including Toronto Dominion Bank and Polar Asset Management Partners Inc., have significantly raised their stakes in Cenovus Energy, indicating strong interest in the company.
• Cenovus Energy recently announced an increase in its dividend from $0.11 to $0.20, reflecting a yield of 425.0%, which demonstrates a positive cash flow and shareholder return strategy.

Northwest & Ethical Investments L.P. grew its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 39.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 305,723 shares of the oil and gas company's stock after acquiring an additional 86,040 shares during the period. Northwest & Ethical Investments L.P.'s holdings in Cenovus Energy were worth $4,252,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bruce G. Allen Investments LLC purchased a new position in Cenovus Energy during the first quarter valued at approximately $38,000. Cromwell Holdings LLC raised its holdings 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 worth $42,000 after purchasing an additional 2,808 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Cenovus Energy in the first quarter worth about $42,000. Natixis bought a new position in Cenovus Energy in the fourth quarter worth about $98,000. Finally, Clarius Group LLC acquired a new stake in Cenovus Energy in the first quarter valued at approximately $150,000. Institutional investors own 51.19% of the company's stock.

Analyst Ratings Changes

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

Cenovus Energy Stock Performance

Shares of NYSE:CVE traded up $1.1850 during midday trading on Friday, reaching $16.3950. The company's stock had a trading volume of 24,876,186 shares, compared to its average volume of 12,539,326. The firm has a market capitalization of $29.49 billion, a PE ratio of 16.23 and a beta of 0.97. Cenovus Energy Inc has a twelve month low of $10.23 and a twelve month high of $19.64. The stock has a fifty day moving average of $14.55 and a 200 day moving average of $13.72. 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 (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 5.18% and a return on equity of 9.06%. The business's quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.62 earnings per share. On average, equities analysts expect 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. Investors of record on Monday, June 16th were issued a dividend of $0.20 per share. This represents a yield of 425.0%. This is a boost from Cenovus Energy's previous dividend of $0.11. The ex-dividend date of this dividend was Friday, June 13th. Cenovus Energy's payout ratio is currently 56.44%.

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.