L1 Capital Pty Ltd Has $95.70 Million Stake in Cenovus Energy Inc $CVE

L1 Capital Pty Ltd lessened its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 13.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,655,769 shares of the oil and gas company’s stock after selling 861,710 shares during the period. Cenovus Energy comprises approximately 5.0% of L1 Capital Pty Ltd’s investment portfolio, making the stock its 8th biggest holding. L1 Capital Pty Ltd owned approximately 0.30% of Cenovus Energy worth $95,696,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CVE. Financial Management Professionals Inc. bought a new stake in shares of Cenovus Energy during the fourth quarter valued at approximately $25,000. NBC Securities Inc. raised its stake in shares of Cenovus Energy by 961.5% during the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 1,500 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in shares of 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 in the last quarter. Advisory Services Network LLC bought a new stake in shares of Cenovus Energy during the third quarter valued at approximately $50,000. Finally, Allworth Financial LP raised its stake in shares of Cenovus Energy by 32.2% during the third quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 737 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of NYSE:CVE opened at $28.24 on Friday. The company has a market capitalization of $52.79 billion, a price-to-earnings ratio of 15.51 and a beta of 0.34. Cenovus Energy Inc has a 52 week low of $13.47 and a 52 week high of $32.07. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. The firm has a 50 day moving average of $28.07 and a 200 day moving average of $22.89.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data 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. The company had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. Cenovus Energy’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.47 earnings per share. On average, sell-side analysts predict that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.22 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, June 15th. Cenovus Energy’s dividend payout ratio is presently 32.42%.

Analysts Set New Price Targets

A number of equities analysts recently commented on CVE shares. Royal Bank Of Canada boosted their price objective on shares of Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 19th. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. TD Securities reissued a “buy” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, May 7th. Finally, UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price 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.