Erste Asset Management GmbH Invests $1.02 Million in Cenovus Energy Inc $CVE

Erste Asset Management GmbH purchased a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 60,657 shares of the oil and gas company’s stock, valued at approximately $1,023,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Financial Management Professionals Inc. purchased a new stake in Cenovus Energy in the fourth quarter valued at $25,000. NBC Securities Inc. lifted its position in Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 1,500 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Cenovus Energy in the third quarter valued at $50,000. Allworth Financial LP lifted its position in Cenovus Energy by 32.2% in the third quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 737 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after acquiring an additional 1,384 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 1st. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, May 7th. Finally, Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a research report on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $35.25.

Cenovus Energy Stock Performance

Shares of CVE opened at $28.38 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The company has a market capitalization of $53.06 billion, a price-to-earnings ratio of 15.59 and a beta of 0.34. Cenovus Energy Inc has a 1 year low of $13.47 and a 1 year high of $32.07. The company’s 50 day simple moving average is $27.98 and its 200 day simple moving average is $22.78.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. During the same quarter last year, the firm posted $0.47 earnings per share. Cenovus Energy’s revenue was up 1.0% on a year-over-year basis. On average, sell-side analysts predict that Cenovus Energy Inc will post 3.15 EPS for the current 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 paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. 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.