Nuveen LLC Makes New Investment in Cenovus Energy Inc $CVE

Key Points

• Nuveen LLC has acquired a new position in Cenovus Energy Inc, purchasing 1,533,835 shares valued at approximately $21.3 million, representing 0.08% ownership of the company.
• Cenovus Energy's recent quarterly earnings showed a profit of $0.33 per share, outperforming estimates and reflecting a decrease in revenue by 12.6% year-over-year to $10.66 billion.
• The firm declared an increase in its dividend, raising it from $0.11 to $0.20 per share, signifying a dividend yield of 425.0% as of the last payout date.

Nuveen LLC acquired a new position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,533,835 shares of the oil and gas company's stock, valued at approximately $21,315,000. Nuveen LLC owned 0.08% of Cenovus Energy as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Toronto Dominion Bank increased its holdings in shares of Cenovus Energy by 91.7% in 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. Mackenzie Financial Corp increased its holdings in shares of Cenovus Energy by 56.5% in the 1st quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock worth $270,742,000 after acquiring an additional 7,035,004 shares during the period. Polar Asset Management Partners Inc. increased its holdings in shares of Cenovus Energy by 79.8% in the 4th quarter. Polar Asset Management Partners Inc. now owns 125,637 shares of the oil and gas company's stock worth $1,903,000 after acquiring an additional 55,780 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Cenovus Energy by 185.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 48,103 shares of the oil and gas company's stock worth $669,000 after acquiring an additional 31,265 shares during the period. Finally, Lloyd Harbor Capital Management LLC acquired a new stake in shares of Cenovus Energy in the 4th quarter worth about $9,090,000. Institutional investors and hedge funds own 51.19% of the company's stock.

Analysts Set New Price Targets

CVE has been the topic of several research analyst reports. Veritas cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. 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. The Goldman Sachs Group lowered their target price on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. National Bankshares reissued a "sector perform" rating on shares of Cenovus Energy in a research note on Friday, April 25th. Finally, Wall Street Zen raised shares of Cenovus Energy from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. One 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 company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $23.33.

Cenovus Energy Price Performance

Shares of CVE traded up $0.2350 during mid-day trading on Thursday, hitting $15.2150. The company's stock had a trading volume of 10,083,632 shares, compared to its average volume of 12,961,400. The firm has a 50-day moving average price of $14.52 and a 200 day moving average price of $13.71. The stock has a market capitalization of $27.37 billion, a price-to-earnings ratio of 15.06 and a beta of 0.97. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $19.64.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.19. The company had revenue of $10.66 billion for the quarter, compared to analysts' expectations of $10.64 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The business's revenue was down 12.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.62 EPS. On average, research analysts predict that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

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

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.