Westerkirk Capital Inc. Lowers Stock Position in Cenovus Energy Inc $CVE

Westerkirk Capital Inc. lessened its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 92.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,990 shares of the oil and gas company’s stock after selling 49,600 shares during the quarter. Westerkirk Capital Inc.’s holdings in Cenovus Energy were worth $68,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Capital Research Global Investors boosted its stake in shares of Cenovus Energy by 16.6% during the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after acquiring an additional 17,730,542 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Cenovus Energy by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock worth $1,074,660,000 after acquiring an additional 7,197,843 shares in the last quarter. Capital International Investors boosted its stake in shares of Cenovus Energy by 3.9% during the 4th quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock worth $862,505,000 after acquiring an additional 1,903,432 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Cenovus Energy by 46.7% during the 3rd quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock worth $520,196,000 after acquiring an additional 9,753,134 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Cenovus Energy by 24.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock worth $303,470,000 after acquiring an additional 3,507,525 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

CVE stock opened at $27.63 on Wednesday. Cenovus Energy Inc has a 1 year low of $13.47 and a 1 year high of $32.07. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The stock’s 50 day moving average price is $27.95 and its 200 day moving average price is $22.71. The firm has a market cap of $51.66 billion, a P/E ratio of 15.18 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The firm had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. During the same quarter in the prior year, the company earned $0.47 EPS. Cenovus Energy’s revenue was up 1.0% on a year-over-year basis. On average, sell-side analysts expect 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. Investors of record on Monday, June 15th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Monday, June 15th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio is currently 32.42%.

Wall Street Analysts Forecast Growth

CVE has been the topic of several research analyst reports. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, May 7th. Lake Street Capital set a $36.00 price target on Cenovus Energy in a research note on Wednesday, May 13th. Royal Bank Of Canada boosted 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. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price 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.