Bank of Stockton Raises Stake in Cenovus Energy Inc (NYSE:CVE)

Bank of Stockton grew its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 16.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,165 shares of the oil and gas company’s stock after acquiring an additional 2,369 shares during the quarter. Bank of Stockton’s holdings in Cenovus Energy were worth $239,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Capital World Investors raised its position in 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 worth $2,901,131,000 after purchasing an additional 26,127,617 shares during the period. Capital International Investors grew its stake in shares of Cenovus Energy by 0.7% during the fourth quarter. Capital International Investors now owns 53,572,829 shares of the oil and gas company’s stock valued at $811,769,000 after buying an additional 382,519 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings 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 worth $196,935,000 after buying an additional 4,220,663 shares during the period. Mackenzie Financial Corp increased its stake in Cenovus Energy by 1.0% in the 4th quarter. Mackenzie Financial Corp now owns 12,446,229 shares of the oil and gas company’s stock worth $188,467,000 after purchasing an additional 117,568 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Cenovus Energy by 29.2% during the 4th quarter. Geode Capital Management LLC now owns 8,287,334 shares of the oil and gas company’s stock valued at $128,783,000 after buying an additional 1,873,415 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Stock Performance

CVE stock opened at $13.64 on Thursday. The stock’s fifty day moving average price is $13.23 and its 200-day moving average price is $13.83. The company has a market cap of $24.68 billion, a P/E ratio of 12.75 and a beta of 0.94. Cenovus Energy Inc has a 1 year low of $10.23 and a 1 year high of $20.76. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.46 and a quick ratio of 0.84.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. The company had revenue of $11.15 billion for the quarter, compared to the consensus estimate of $12.39 billion. Cenovus Energy had a net margin of 5.22% and a return on equity of 9.56%. During the same quarter last year, the firm posted $0.62 earnings per share. On average, equities analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.20 per share. This is an increase from Cenovus Energy’s previous dividend of $0.11. The ex-dividend date of this dividend is Friday, June 13th. This represents a dividend yield of 4.25%. Cenovus Energy’s payout ratio is presently 54.21%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $25.00 price target on shares of Cenovus Energy in a research report on Friday, April 11th. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. The Goldman Sachs Group reduced their price objective 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. National Bankshares reaffirmed a “sector perform” rating on shares of Cenovus Energy in a report on Friday, April 25th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research report on Tuesday, April 15th. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.75.

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.