Vanguard Group Inc. Boosts Holdings in Cenovus Energy Inc (NYSE:CVE)

Key Points

• Vanguard Group Inc. has increased its stake in Cenovus Energy Inc. by 8.8%, now owning approximately 54.5 million shares worth about $757.21 million as of the latest quarter.
• Cenovus Energy reported earnings of $0.33 per share, exceeding analyst estimates, while its revenue declined 12.6% year-over-year, totaling $10.66 billion.
• The company recently announced a dividend increase to $0.20 per share, providing a yield of 425%, marking an improvement from the previous dividend of $0.11.

Vanguard Group Inc. lifted its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 8.8% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 54,483,601 shares of the oil and gas company's stock after buying an additional 4,401,045 shares during the quarter. Vanguard Group Inc. owned about 2.99% of Cenovus Energy worth $757,213,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Capital World Investors raised its position in shares of Cenovus Energy by 15.8% in the 4th quarter. Capital World Investors now owns 191,412,590 shares of the oil and gas company's stock valued at $2,901,131,000 after buying an additional 26,127,617 shares in the last quarter. Capital International Investors grew its holdings in Cenovus Energy by 0.7% in the fourth quarter. Capital International Investors now owns 53,572,829 shares of the oil and gas company's stock worth $811,769,000 after purchasing an additional 382,519 shares during the period. Mackenzie Financial Corp grew its holdings in Cenovus Energy by 56.5% in the first quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock worth $270,742,000 after purchasing an additional 7,035,004 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Cenovus Energy by 48.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 13,001,002 shares of the oil and gas company's stock valued at $196,935,000 after buying an additional 4,220,663 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Cenovus Energy by 53.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 8,030,017 shares of the oil and gas company's stock valued at $111,698,000 after purchasing an additional 2,803,862 shares in the last quarter. Institutional investors own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

CVE has been the topic of several research reports. National Bankshares reaffirmed a "sector perform" rating on shares of Cenovus Energy in a research report on Friday, April 25th. The Goldman Sachs Group lowered their price objective 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. Veritas lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Wall Street Zen raised shares of Cenovus Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Finally, Royal Bank Of Canada upped their target price on shares of Cenovus Energy from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $23.33.

Cenovus Energy Stock Performance

Shares of NYSE CVE traded down $0.09 during trading on Friday, reaching $15.04. 7,425,989 shares of the company traded hands, compared to its average volume of 11,971,459. The firm has a 50 day simple moving average of $14.42 and a 200-day simple moving average of $13.70. 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 stock has a market capitalization of $27.16 billion, a PE ratio of 14.89 and a beta of 0.97. Cenovus Energy Inc has a 52-week low of $10.23 and a 52-week high of $20.03.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share for the quarter, topping 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 for the quarter, compared to analysts' expectations of $10.64 billion. During the same quarter in the prior year, the business earned $0.62 EPS. The business's quarterly revenue was down 12.6% on a year-over-year basis. Equities research analysts anticipate that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Increases Dividend

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