Cenovus Energy Inc $CVE Shares Acquired by Alberta Investment Management Corp

Alberta Investment Management Corp grew its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 996.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 5,518,825 shares of the oil and gas company’s stock after buying an additional 5,015,625 shares during the period. Alberta Investment Management Corp’s holdings in Cenovus Energy were worth $93,367,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. J.W. Cole Advisors Inc. grew its holdings in shares of Cenovus Energy by 3.9% during the fourth quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock valued at $227,000 after buying an additional 500 shares during the last quarter. Gateway Investment Advisers LLC lifted its holdings in shares of Cenovus Energy by 0.6% during the fourth quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company’s stock worth $1,590,000 after purchasing an additional 523 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Cenovus Energy by 0.9% during the fourth quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company’s stock worth $1,104,000 after purchasing an additional 565 shares during the period. Farther Finance Advisors LLC boosted its position in Cenovus Energy by 24.4% in the fourth quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company’s stock valued at $56,000 after buying an additional 649 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in Cenovus Energy by 15.7% in the fourth quarter. IFP Advisors Inc now owns 4,839 shares of the oil and gas company’s stock valued at $82,000 after buying an additional 656 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Trading Down 4.1%

Shares of NYSE:CVE opened at $27.11 on Tuesday. Cenovus Energy Inc has a 1 year low of $13.47 and a 1 year high of $32.07. The firm has a market capitalization of $50.69 billion, a price-to-earnings ratio of 14.90 and a beta of 0.34. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. The business’s 50 day moving average price is $28.08 and its 200-day moving average price is $23.00.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. The company had revenue of $10.79 billion during 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 was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.47 EPS. On average, equities research analysts forecast that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.2%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date is Monday, June 15th. Cenovus Energy’s dividend payout ratio (DPR) is 32.42%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CVE shares. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a report on Wednesday, May 13th. TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a research note on Friday, February 20th. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Raymond James Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Two equities research 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. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target 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.