Cenovus Energy Inc. (NYSE:CVE) Shares Acquired by Smead Capital Management Inc.

Smead Capital Management Inc. lifted its stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 39.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,416,146 shares of the oil and gas company’s stock after acquiring an additional 4,351,960 shares during the period. Cenovus Energy accounts for approximately 3.7% of Smead Capital Management Inc.’s portfolio, making the stock its 12th biggest holding. Smead Capital Management Inc.’s holdings in Cenovus Energy were worth $257,831,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. SVB Wealth LLC boosted its stake in shares of Cenovus Energy by 2.6% during the first quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock valued at $394,000 after acquiring an additional 507 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after buying an additional 643 shares during the last quarter. Cetera Advisors LLC boosted its stake in Cenovus Energy by 5.2% in the 1st quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock worth $327,000 after buying an additional 801 shares during the last quarter. First Hawaiian Bank boosted its stake in Cenovus Energy by 1.6% in the 2nd quarter. First Hawaiian Bank now owns 69,273 shares of the oil and gas company’s stock worth $1,362,000 after buying an additional 1,071 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in Cenovus Energy by 12.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company’s stock worth $226,000 after buying an additional 1,229 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of NYSE:CVE opened at $15.99 on Tuesday. The company has a market cap of $29.20 billion, a P/E ratio of 11.02 and a beta of 2.05. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy Inc. has a one year low of $14.69 and a one year high of $21.90. The business’s 50-day simple moving average is $16.74 and its 200 day simple moving average is $18.46.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.34 by $0.08. The business had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company’s revenue was down 17.9% on a year-over-year basis. During the same period last year, the business posted $0.72 EPS. On average, sell-side analysts forecast that Cenovus Energy Inc. will post 1.5 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio (DPR) is 36.55%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CVE. StockNews.com raised Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Monday. BMO Capital Markets cut their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.