Louisbourg Investments Inc. Purchases 44,592 Shares of Cenovus Energy Inc $CVE

Louisbourg Investments Inc. raised its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 24.7% during the first quarter, Holdings Channel.com reports. The institutional investor owned 225,180 shares of the oil and gas company’s stock after purchasing an additional 44,592 shares during the quarter. Louisbourg Investments Inc.’s holdings in Cenovus Energy were worth $5,964,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CVE. Capital Research Global Investors boosted its holdings in shares of Cenovus Energy by 16.6% in 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. raised its position in Cenovus Energy by 12.8% in the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock valued at $1,074,660,000 after purchasing an additional 7,197,843 shares during the last quarter. Capital International Investors raised its position in Cenovus Energy by 3.9% in the 4th quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock valued at $862,505,000 after purchasing an additional 1,903,432 shares during the last quarter. FIL Ltd boosted its stake in Cenovus Energy by 40.0% in the fourth quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock worth $651,880,000 after purchasing an additional 11,019,212 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Cenovus Energy by 46.7% during the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock worth $520,196,000 after purchasing an additional 9,753,134 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Price Performance

Shares of CVE stock opened at $24.80 on Friday. The firm has a market cap of $46.15 billion, a price-to-earnings ratio of 13.63 and a beta of 0.34. Cenovus Energy Inc has a 12 month low of $13.47 and a 12 month high of $32.07. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. The stock has a 50-day moving average price of $27.93 and a 200 day moving average price of $23.43.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released 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 net margin of 9.53% and a return on equity of 15.29%. The company had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. During the same period in the prior year, the company posted $0.47 EPS. The company’s revenue was up 1.0% compared to the same quarter last year. Research analysts expect that Cenovus Energy Inc will post 3.15 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.5%. This is an increase 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 35.16%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CVE shares. Zacks Research cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Veritas raised shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a research report on Wednesday, May 13th. Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings cut shares of Cenovus Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate 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.