Public Employees Retirement System of Ohio purchased a new position in Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 88,999 shares of the oil and gas company’s stock, valued at approximately $2,207,000.
A number of other large investors also recently added to or reduced their stakes in CVE. Capital Research Global Investors grew its position in shares of 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 purchasing an additional 17,730,542 shares during the period. Capital International Investors raised its position in shares of Cenovus Energy by 3.9% during the 4th 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 during the last quarter. FIL Ltd raised its position in shares of Cenovus Energy by 40.0% during the 4th 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 during the last quarter. Bank of America Corp DE lifted its stake in Cenovus Energy by 111.2% in the 1st 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 in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Cenovus Energy by 5.0% in the 4th 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 in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on the company. Royal Bank Of Canada boosted their price objective on Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, August 27th. Finally, Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.
Cenovus Energy Stock Up 0.1%
Shares of NYSE CVE opened at $32.40 on Monday. The stock has a market cap of $59.69 billion, a PE ratio of 12.46 and a beta of 0.35. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc has a 12-month low of $15.63 and a 12-month high of $33.40. The company has a 50-day moving average of $29.16 and a 200 day moving average of $27.29.
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 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.11. The business had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business’s revenue was up 47.9% on a year-over-year basis. During the same period last year, the company posted $0.45 EPS. As a group, sell-side analysts predict that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.
Cenovus Energy Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors 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 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 24.62%.
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.
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