Cenovus Energy Inc $CVE is Aegis Financial Corp’s 2nd Largest Position

Aegis Financial Corp grew its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 275.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,454,121 shares of the oil and gas company’s stock after buying an additional 2,533,621 shares during the quarter. Cenovus Energy comprises approximately 13.9% of Aegis Financial Corp’s holdings, making the stock its 2nd largest holding. Aegis Financial Corp’s holdings in Cenovus Energy were worth $58,444,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in CVE. Jones Financial Companies Lllp boosted its stake in shares of Cenovus Energy by 574.8% during the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock valued at $301,000 after purchasing an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Cenovus Energy by 6.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock worth $10,397,000 after acquiring an additional 44,125 shares during the period. Prudential Financial Inc. purchased a new stake in Cenovus Energy in the second quarter worth $525,000. EverSource Wealth Advisors LLC lifted its stake in Cenovus Energy by 57.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 1,800 shares during the period. Finally, Marshall Wace LLP purchased a new stake in Cenovus Energy in the second quarter worth $495,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $28.49 on Friday. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $53.27 billion, a P/E ratio of 15.65 and a beta of 0.34. The business has a fifty day simple moving average of $28.02 and a two-hundred day simple moving average of $22.85. 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, beating the consensus estimate of $0.56 by $0.05. The business had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The company’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 earnings per share. On average, equities analysts forecast that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.22 per share. 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 payout ratio is 32.42%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CVE. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 1st. Lake Street Capital set a $36.00 price target on Cenovus Energy in a research note on Wednesday, May 13th. Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. UBS Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Finally, Royal Bank Of Canada raised their price target on Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 19th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $35.25.

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.