Cenovus Energy Inc $CVE Position Lowered by GeoSphere Capital Management LLC

GeoSphere Capital Management LLC decreased its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 48.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 165,000 shares of the oil and gas company’s stock after selling 155,000 shares during the period. Cenovus Energy comprises about 0.9% of GeoSphere Capital Management LLC’s investment portfolio, making the stock its 24th biggest holding. GeoSphere Capital Management LLC’s holdings in Cenovus Energy were worth $2,792,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CVE. Capital Research Global Investors lifted its position in shares of Cenovus Energy by 291.3% during the third quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock worth $1,809,758,000 after purchasing an additional 79,345,506 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Cenovus Energy by 322.7% during the second quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company’s stock worth $211,338,000 after purchasing an additional 11,849,355 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in Cenovus Energy by 46.7% in the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock worth $520,196,000 after acquiring an additional 9,753,134 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in Cenovus Energy by 494.2% in the third quarter. CIBC Asset Management Inc now owns 11,442,043 shares of the oil and gas company’s stock worth $194,493,000 after acquiring an additional 9,516,460 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Cenovus Energy by 12.8% in the fourth quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock worth $1,074,660,000 after acquiring an additional 7,197,843 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CVE. Royal Bank Of Canada raised their target price on shares of Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Tuesday, May 19th. Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a report on Wednesday, May 13th. BMO Capital Markets reissued an “outperform” rating on shares of Cenovus Energy in a report on Friday, February 20th. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a report on Thursday, April 9th. Finally, Weiss Ratings raised shares of Cenovus Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $35.25.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $30.04 on Monday. The firm’s 50 day moving average is $27.00 and its two-hundred day moving average is $21.78. Cenovus Energy Inc has a 52 week low of $12.88 and a 52 week high of $32.07. The firm has a market capitalization of $56.31 billion, a P/E ratio of 16.50 and a beta of 0.37. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. During the same quarter last year, the business earned $0.47 earnings per share. Cenovus Energy’s revenue was up 1.0% compared to the same quarter last year. Analysts anticipate that Cenovus Energy Inc will post 3.01 earnings per share for the current 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 paid a $0.22 dividend. The ex-dividend date is Monday, June 15th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 2.9%. Cenovus Energy’s dividend payout ratio (DPR) is 32.42%.

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.