Life Cycle Investment Partners Ltd purchased a new stake in shares of Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 866,482 shares of the oil and gas company’s stock, valued at approximately $14,661,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lighthouse Investment Partners LLC boosted its stake in Cenovus Energy by 29.1% during the 3rd quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock valued at $8,216,000 after purchasing an additional 109,000 shares in the last quarter. Ninepoint Partners LP boosted its stake in shares of Cenovus Energy by 490.0% during the 3rd quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock worth $60,145,000 after acquiring an additional 2,940,000 shares in the last quarter. Canoe Financial LP bought a new stake in shares of Cenovus Energy during the 4th quarter worth $102,662,000. Intact Investment Management Inc. boosted its stake in shares of Cenovus Energy by 69.6% during the 3rd quarter. Intact Investment Management Inc. now owns 3,655,878 shares of the oil and gas company’s stock worth $62,081,000 after acquiring an additional 1,500,590 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. 51.19% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on CVE shares. TD Securities reissued a “buy” rating on shares of Cenovus Energy in a research note on Friday, February 20th. BMO Capital Markets reissued an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, May 7th. Finally, Lake Street Capital set a $36.00 price objective on Cenovus Energy in a research note on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $35.25.
Cenovus Energy Stock Performance
Shares of Cenovus Energy stock opened at $30.04 on Monday. The stock has a market cap of $56.31 billion, a PE ratio of 16.50 and a beta of 0.37. The business has a fifty day simple moving average of $27.00 and a 200-day simple moving average of $21.78. 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 $12.88 and a 12 month high of $32.07.
Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last issued its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. The business had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.Cenovus Energy’s revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.47 earnings per share. On average, sell-side analysts anticipate that Cenovus Energy Inc will post 3.01 EPS 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. Stockholders of record on Monday, June 15th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.9%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 15th. Cenovus Energy’s payout ratio is 32.42%.
About Cenovus Energy
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.
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