Wellington Management Group LLP Acquires 2,536,140 Shares of Cenovus Energy Inc $CVE

Key Points

• Wellington Management Group LLP significantly increased its stake in Cenovus Energy by acquiring 2,536,140 shares, bringing its total holdings to 8,518,483 shares, valued at approximately $118.38 million.
• Cenovus Energy recently announced a dividend increase, raising the payout from $0.11 to $0.20 per share, reflecting a dividend yield of 425.0%.
• The company reported earnings of $0.33 per share for the latest quarter, exceeding estimates by $0.19, although revenues decreased by 12.6% year-over-year.

Wellington Management Group LLP lifted its holdings in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 42.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,518,483 shares of the oil and gas company's stock after purchasing an additional 2,536,140 shares during the quarter. Wellington Management Group LLP owned approximately 0.47% of Cenovus Energy worth $118,379,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Public Employees Retirement System of Ohio lifted its stake in shares of Cenovus Energy by 0.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 241,113 shares of the oil and gas company's stock worth $3,653,000 after buying an additional 762 shares during the last quarter. NFP Retirement Inc. boosted its holdings in Cenovus Energy by 2.7% during the first quarter. NFP Retirement Inc. now owns 34,500 shares of the oil and gas company's stock valued at $480,000 after acquiring an additional 900 shares during the period. Guggenheim Capital LLC grew its position in shares of Cenovus Energy by 4.5% in the fourth quarter. Guggenheim Capital LLC now owns 20,974 shares of the oil and gas company's stock valued at $318,000 after purchasing an additional 908 shares during the last quarter. Meridian Investment Counsel Inc. increased its stake in shares of Cenovus Energy by 4.9% in the first quarter. Meridian Investment Counsel Inc. now owns 21,275 shares of the oil and gas company's stock worth $296,000 after purchasing an additional 1,000 shares during the period. Finally, SeaBridge Investment Advisors LLC increased its stake in shares of 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 worth $153,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Trading Up 1.6%

Shares of CVE stock opened at $15.2150 on Friday. Cenovus Energy Inc has a 52-week low of $10.23 and a 52-week high of $19.64. The stock has a market cap 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 quick ratio of 0.78 and a current ratio of 1.32. The firm has a fifty day moving average of $14.52 and a 200-day moving average of $13.71.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its earnings results on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share for the quarter, beating 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 business had revenue of $10.66 billion for the quarter, compared to analyst estimates of $10.64 billion. During the same period in the previous year, the business earned $0.62 EPS. The firm's revenue was down 12.6% on a year-over-year basis. On average, equities research analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

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

Analyst Upgrades and Downgrades

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

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.

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