Headlands Technologies LLC acquired a new position in Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) in the 2nd quarter, HoldingsChannel reports. The firm acquired 17,707 shares of the oil and gas company’s stock, valued at approximately $439,000.
Other large investors have also recently made changes to their positions in the company. Orion Capital Management LLC purchased a new position in shares of Cenovus Energy during the second quarter valued at approximately $25,000. Transamerica Financial Advisors LLC lifted its stake in Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 1,433 shares during the period. Gables Capital Management Inc. bought a new stake in Cenovus Energy in the second quarter valued at $35,000. Kestra Advisory Services LLC purchased a new position in Cenovus Energy during the 4th quarter valued at $38,000. Finally, Geneos Wealth Management Inc. increased its position in Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the period. 51.19% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have commented on the stock. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a research note on Wednesday, May 13th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Desjardins raised shares of Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Finally, Royal Bank Of Canada raised their price objective on shares of Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.
Cenovus Energy Price Performance
Shares of NYSE:CVE opened at $32.81 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The stock has a fifty day simple moving average of $29.01 and a two-hundred day simple moving average of $27.22. Cenovus Energy Inc has a 12-month low of $15.63 and a 12-month high of $33.40. The stock has a market capitalization of $60.45 billion, a price-to-earnings ratio of 12.62 and a beta of 0.35.
Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last released its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, hitting analysts’ consensus estimates of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The firm had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 47.9% on a year-over-year basis. On average, research analysts anticipate that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.
Cenovus Energy Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. Cenovus Energy’s payout ratio is presently 24.62%.
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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