Clearbridge Investments LLC Has $58.49 Million Stake in Cenovus Energy Inc $CVE

Clearbridge Investments LLC lifted its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 29.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,456,694 shares of the oil and gas company’s stock after buying an additional 793,761 shares during the quarter. Clearbridge Investments LLC owned about 0.18% of Cenovus Energy worth $58,487,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Ninepoint Partners LP grew its holdings in Cenovus Energy by 490.0% during the third quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock valued at $60,145,000 after purchasing an additional 2,940,000 shares during the period. Lighthouse Investment Partners LLC grew its holdings in Cenovus Energy by 29.1% during the third quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock valued at $8,216,000 after purchasing an additional 109,000 shares during the period. Canoe Financial LP acquired a new position in Cenovus Energy during the fourth quarter valued at approximately $102,662,000. Massachusetts Financial Services Co. MA grew its holdings in Cenovus Energy by 24.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock valued at $303,470,000 after purchasing an additional 3,507,525 shares during the period. Finally, TD Asset Management Inc grew its holdings in Cenovus Energy by 3.6% during the fourth quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock valued at $287,897,000 after purchasing an additional 595,518 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a report on Wednesday, May 13th. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, May 7th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $35.25.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $28.72 on Tuesday. The company’s fifty day simple moving average is $27.93 and its 200-day simple moving average is $22.64. 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 market cap of $53.69 billion, a PE ratio of 15.78 and a beta of 0.34. Cenovus Energy Inc has a 12 month low of $13.47 and a 12 month high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced 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 business had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.47 earnings per share. Equities research analysts expect that Cenovus Energy Inc will post 3.15 EPS 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 paid a $0.22 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Monday, June 15th. Cenovus Energy’s dividend payout ratio is 32.42%.

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.