Geode Capital Management LLC Increases Position in Cenovus Energy Inc. (NYSE:CVE)

Geode Capital Management LLC raised its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 9.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,413,919 shares of the oil and gas company’s stock after purchasing an additional 568,732 shares during the period. Geode Capital Management LLC’s holdings in Cenovus Energy were worth $109,232,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. lifted its position 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. Raymond James & Associates boosted its position in Cenovus Energy by 1.4% during the second quarter. Raymond James & Associates now owns 304,326 shares of the oil and gas company’s stock valued at $5,983,000 after buying an additional 4,327 shares during the period. Grove Bank & Trust grew its stake in shares of Cenovus Energy by 18.0% during the second quarter. Grove Bank & Trust now owns 33,679 shares of the oil and gas company’s stock valued at $662,000 after buying an additional 5,135 shares during the last quarter. K.J. Harrison & Partners Inc increased its holdings in shares of Cenovus Energy by 98.5% in the second quarter. K.J. Harrison & Partners Inc now owns 131,000 shares of the oil and gas company’s stock worth $2,574,000 after buying an additional 65,000 shares during the period. Finally, Miller Howard Investments Inc. NY bought a new stake in shares of Cenovus Energy in the 2nd quarter valued at about $2,769,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

CVE opened at $14.48 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The stock has a market capitalization of $26.43 billion, a PE ratio of 9.99 and a beta of 2.02. The stock’s 50 day moving average price is $16.07 and its 200-day moving average price is $17.72. Cenovus Energy Inc. has a 52-week low of $14.44 and a 52-week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The business had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. During the same period in the previous year, the firm earned $0.72 EPS. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. On average, equities research analysts predict that Cenovus Energy Inc. will post 1.48 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.133 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a yield of 3.67%. Cenovus Energy’s dividend payout ratio (DPR) is 36.55%.

Analyst Ratings Changes

A number of equities analysts have commented on the company. BMO Capital Markets decreased their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Finally, StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.