Geode Capital Management LLC Has $109.23 Million Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)

Geode Capital Management LLC grew its position in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 9.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 owned about 0.35% of Cenovus Energy worth $109,232,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Truvestments Capital LLC bought a new stake in shares of Cenovus Energy in the 3rd quarter valued at approximately $25,000. Blue Trust Inc. grew its position in Cenovus Energy by 640.3% in the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company's stock worth $51,000 after acquiring an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cenovus Energy by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company's stock worth $170,000 after purchasing an additional 643 shares during the last quarter. SevenBridge Financial Group LLC bought a new position in shares of Cenovus Energy during the 3rd quarter valued at $162,000. Finally, Envestnet Portfolio Solutions Inc. raised its holdings in shares of Cenovus Energy by 12.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company's stock valued at $226,000 after purchasing an additional 1,229 shares in the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

Cenovus Energy stock traded down $0.13 on Thursday, reaching $14.35. 7,857,729 shares of the stock were exchanged, compared to its average volume of 8,796,921. The stock has a market cap of $26.19 billion, a PE ratio of 9.90 and a beta of 2.02. The firm has a fifty day moving average price of $16.07 and a two-hundred day moving average price of $17.72. Cenovus Energy Inc. has a twelve month low of $14.32 and a twelve month high of $21.90. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.08. The business had revenue of $14.20 billion during the quarter, compared to analysts' expectations of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm's revenue was down 17.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.72 EPS. Sell-side analysts anticipate that Cenovus Energy Inc. will post 1.48 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.133 per share. The ex-dividend date is Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a yield of 3.71%. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.13. Cenovus Energy's payout ratio is 36.55%.

Analyst Upgrades and Downgrades

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