Van ECK Associates Corp Increases Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)

Van ECK Associates Corp lifted its stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 5.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 776,070 shares of the oil and gas company’s stock after buying an additional 43,023 shares during the quarter. Van ECK Associates Corp’s holdings in Cenovus Energy were worth $12,960,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. SVB Wealth LLC lifted its position in Cenovus Energy by 2.6% in 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. lifted its holdings in shares of 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 valued at $170,000 after purchasing an additional 643 shares during the last quarter. Cetera Advisors LLC boosted its position in shares of 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 valued at $327,000 after purchasing an additional 801 shares during the period. First Hawaiian Bank grew its stake in Cenovus Energy by 1.6% during 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. increased its position in Cenovus Energy by 12.0% during the second 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 period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of CVE opened at $16.13 on Wednesday. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The stock’s 50 day moving average is $17.14 and its two-hundred day moving average is $18.82. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.90. The firm has a market capitalization of $29.50 billion, a PE ratio of 11.12 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.72 earnings per share. Research analysts anticipate that Cenovus Energy Inc. will post 1.63 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.133 dividend. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 annualized dividend and a dividend yield of 3.30%. Cenovus Energy’s dividend payout ratio (DPR) is 36.55%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CVE. BMO Capital Markets lowered their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Scotiabank reduced their target price on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Company 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.