Clearbridge Investments LLC Has $58.49 Million Position in Cenovus Energy Inc $CVE

Clearbridge Investments LLC raised its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 29.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 3,456,694 shares of the oil and gas company’s stock after purchasing an additional 793,761 shares during the quarter. Clearbridge Investments LLC’s holdings in Cenovus Energy were worth $58,487,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the company. Capital Research Global Investors lifted its stake in Cenovus Energy by 16.6% in the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock valued at $2,103,090,000 after acquiring an additional 17,730,542 shares during the last quarter. Capital International Inc. CA lifted its stake in Cenovus Energy by 26.3% in the fourth quarter. Capital International Inc. CA now owns 4,525,223 shares of the oil and gas company’s stock valued at $76,563,000 after acquiring an additional 943,390 shares during the last quarter. Capital International Investors lifted its stake in Cenovus Energy by 3.9% in the fourth quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock valued at $862,505,000 after acquiring an additional 1,903,432 shares during the last quarter. Parallel Advisors LLC lifted its stake in Cenovus Energy by 4.7% in the fourth quarter. Parallel Advisors LLC now owns 17,006 shares of the oil and gas company’s stock valued at $288,000 after acquiring an additional 763 shares during the last quarter. Finally, J.W. Cole Advisors Inc. lifted its stake in Cenovus Energy by 3.9% in the fourth quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock valued at $227,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Trading Up 1.8%

Shares of Cenovus Energy stock opened at $28.72 on Tuesday. The company has a market capitalization of $53.69 billion, a price-to-earnings ratio of 15.78 and a beta of 0.34. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. Cenovus Energy Inc has a 12-month low of $13.47 and a 12-month high of $32.07. The firm’s 50-day moving average price is $27.93 and its two-hundred day moving average price is $22.64.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share 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 last year, the company posted $0.47 EPS. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, analysts forecast that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, June 15th. This represents a $0.88 annualized dividend and a yield of 3.1%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio is 32.42%.

Wall Street Analyst Weigh In

CVE has been the topic of several research analyst reports. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. BMO Capital Markets reissued an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Veritas raised shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Finally, Zacks Research raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 22nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Cenovus Energy presently has an average rating of “Buy” and a consensus price target 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.