Core Capital Management & Research inc. purchased a new position in shares of Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 20,000 shares of the oil and gas company’s stock, valued at approximately $496,000.
A number of other large investors also recently modified their holdings of the company. Capital Research Global Investors raised 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 valued at $2,103,090,000 after purchasing an additional 17,730,542 shares in the last quarter. Capital International Investors grew its stake in shares of Cenovus Energy by 3.9% during the fourth quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock worth $862,505,000 after purchasing an additional 1,903,432 shares in the last quarter. FIL Ltd grew its stake in shares of Cenovus Energy by 40.0% during 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. Bank of America Corp DE increased its holdings in Cenovus Energy by 111.2% in the first quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock valued at $604,107,000 after buying an additional 11,990,405 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Cenovus Energy by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 18,018,995 shares of the oil and gas company’s stock valued at $304,894,000 after buying an additional 855,618 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
CVE has been the topic of a number of analyst reports. Lake Street Capital set a $36.00 price target on Cenovus Energy in a research note on Wednesday, May 13th. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Royal Bank Of Canada raised their target price on Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Finally, Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average target price of $39.00.
Cenovus Energy Price Performance
Shares of NYSE:CVE opened at $33.44 on Thursday. Cenovus Energy Inc has a 12 month low of $15.63 and a 12 month high of $33.87. The firm has a market capitalization of $61.62 billion, a P/E ratio of 12.86 and a beta of 0.35. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The company’s fifty day moving average price is $29.65 and its 200 day moving average price is $27.52.
Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.11. The company had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. Cenovus Energy’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 earnings per share. As a group, sell-side analysts predict that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.
Cenovus Energy Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s payout ratio is presently 24.62%.
About Cenovus Energy
Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.
Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.
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