Cenovus Energy Inc $CVE Position Increased by Smead Capital Management Inc.

Smead Capital Management Inc. boosted its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 2.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,763,978 shares of the oil and gas company’s stock after purchasing an additional 374,238 shares during the quarter. Cenovus Energy makes up 5.9% of Smead Capital Management Inc.’s portfolio, making the stock its 4th biggest holding. Smead Capital Management Inc.’s holdings in Cenovus Energy were worth $283,634,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Financial Management Professionals Inc. acquired a new position in shares of Cenovus Energy during the 4th quarter worth approximately $25,000. NBC Securities Inc. raised its position in shares of Cenovus Energy by 961.5% during the 4th 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 during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 1,384 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Cenovus Energy during the 3rd quarter worth approximately $50,000. Finally, Allworth Financial LP raised its position in shares of Cenovus Energy by 32.2% during the 3rd quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 737 shares during the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVE has been the subject of several research reports. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, May 7th. TD Securities restated a “buy” rating on shares of Cenovus Energy in a research report on Friday, February 20th. BMO Capital Markets restated an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Zacks Research upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 22nd. Finally, Lake Street Capital set a $36.00 price objective on Cenovus Energy in a research report on Wednesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $35.25.

Cenovus Energy Trading Down 0.9%

Shares of CVE opened at $30.04 on Friday. The stock has a fifty day moving average of $27.00 and a two-hundred day moving average of $21.75. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The company has a market capitalization of $56.31 billion, a PE ratio of 16.50 and a beta of 0.37. Cenovus Energy Inc has a fifty-two week low of $12.88 and a fifty-two week high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.05. The company had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.Cenovus Energy’s revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.47 EPS. As a group, analysts forecast that Cenovus Energy Inc will post 3.01 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.88 annualized dividend and a dividend yield of 2.9%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio is presently 35.16%.

About Cenovus Energy

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.