Capital Research Global Investors Purchases 79,345,506 Shares of Cenovus Energy Inc $CVE

Capital Research Global Investors grew its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 291.3% during the third quarter, HoldingsChannel.com reports. The firm owned 106,582,971 shares of the oil and gas company’s stock after purchasing an additional 79,345,506 shares during the period. Capital Research Global Investors owned approximately 0.06% of Cenovus Energy worth $1,809,758,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Atlantic Union Bankshares Corp bought a new stake in shares of Cenovus Energy in the 2nd quarter valued at about $27,000. Allworth Financial LP boosted its holdings in Cenovus Energy by 104.3% in the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 1,168 shares during the last quarter. Geneos Wealth Management Inc. increased its position in 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 valued at $44,000 after purchasing an additional 1,384 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Cenovus Energy by 57.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 1,800 shares during the last quarter. Finally, Advisors Asset Management Inc. acquired a new position in shares of Cenovus Energy in the 2nd quarter worth approximately $78,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Trading Up 0.2%

Shares of CVE stock opened at $22.78 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $23.89. The business has a 50-day moving average of $19.91 and a 200 day moving average of $18.18. The stock has a market capitalization of $42.83 billion, a PE ratio of 14.89 and a beta of 0.43.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.08. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $10.89 billion. During the same quarter last year, the firm earned $0.07 EPS. As a group, sell-side analysts anticipate that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 annualized dividend and a yield of 3.5%. Cenovus Energy’s dividend payout ratio (DPR) is currently 37.25%.

Analyst Upgrades and Downgrades

Several research firms recently commented on CVE. Veritas cut Cenovus Energy from a “hold” rating to a “strong sell” rating in a research note on Monday, February 23rd. Zacks Research cut shares of Cenovus Energy from a “hold” rating to a “strong sell” rating in a report on Friday, February 20th. TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a research report on Friday, February 20th. The Goldman Sachs Group restated a “buy” rating and set a $22.00 target price on shares of Cenovus Energy in a research report on Monday, February 2nd. Finally, Royal Bank Of Canada increased their price objective on Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a report on Wednesday, February 18th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and a consensus target price of $27.33.

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.