Cenovus Energy Inc $CVE Stock Holdings Lifted by Geode Capital Management LLC

Geode Capital Management LLC increased its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 10.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 13,274,142 shares of the oil and gas company’s stock after purchasing an additional 1,305,123 shares during the period. Geode Capital Management LLC’s holdings in Cenovus Energy were worth $226,307,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Financial Management Professionals Inc. purchased a new position in shares of Cenovus Energy during the 4th quarter valued at $25,000. NBC Securities Inc. boosted its holdings in Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 1,500 shares in the last quarter. Advisory Services Network LLC bought a new stake in Cenovus Energy in the third quarter worth $50,000. Allworth Financial LP raised its holdings in Cenovus Energy by 32.2% in the 3rd quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 737 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after acquiring an additional 1,384 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Trading Up 3.7%

Shares of NYSE CVE opened at $29.30 on Wednesday. Cenovus Energy Inc has a fifty-two week low of $12.88 and a fifty-two week high of $32.07. The firm has a market capitalization of $54.78 billion, a P/E ratio of 16.10 and a beta of 0.34. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. The company’s 50 day simple moving average is $27.56 and its 200 day simple moving average is $22.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. During the same quarter in the previous year, the business earned $0.47 EPS. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, analysts predict that Cenovus Energy Inc will post 3.15 EPS for the current year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 3.0%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is presently 32.42%.

Analysts Set New Price Targets

CVE has been the subject of a number of recent analyst reports. UBS Group restated a “buy” rating on shares of Cenovus Energy in a report on Thursday, April 9th. Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Royal Bank Of Canada boosted their target price on Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Tuesday, May 19th. Finally, TD Securities reissued a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $35.25.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.