Cenovus Energy Inc $CVE Shares Bought by PCJ Investment Counsel Ltd.

PCJ Investment Counsel Ltd. raised its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 4.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,630 shares of the oil and gas company’s stock after purchasing an additional 3,330 shares during the quarter. PCJ Investment Counsel Ltd.’s holdings in Cenovus Energy were worth $1,097,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Ridgewood Investments LLC acquired a new stake in Cenovus Energy during the 2nd quarter worth approximately $27,000. Atlantic Union Bankshares Corp purchased a new stake in Cenovus Energy during the second quarter worth approximately $27,000. Cromwell Holdings LLC increased its position in shares of Cenovus Energy by 1,165.1% in the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company’s stock worth $42,000 after acquiring an additional 2,808 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Cenovus Energy in the 1st quarter valued at $42,000. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Cenovus Energy by 190.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 5,988 shares of the oil and gas company’s stock valued at $81,000 after acquiring an additional 3,924 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Trading Up 3.7%

CVE opened at $17.44 on Friday. Cenovus Energy Inc has a 12-month low of $10.23 and a 12-month high of $18.60. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. The stock has a market capitalization of $30.79 billion, a PE ratio of 17.26 and a beta of 0.86. The firm’s fifty day moving average price is $17.05 and its 200 day moving average price is $15.10.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The company had revenue of $10.87 billion during the quarter, compared to the consensus estimate of $12.51 billion. During the same quarter in the previous year, the firm earned $0.42 EPS. The company’s revenue was down 7.0% on a year-over-year basis. As a group, research analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Monday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 45.90%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Zacks Research upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a research report on Tuesday, September 30th. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Monday, August 25th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Tuesday, September 2nd. Finally, Wall Street Zen upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a report on Saturday. Four research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $21.00.

About Cenovus Energy

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.