Maverick Capital Ltd. Invests $1.09 Million in Cenovus Energy Inc $CVE

Maverick Capital Ltd. purchased a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,248 shares of the oil and gas company’s stock, valued at approximately $1,091,000.

Several other hedge funds also recently modified their holdings of CVE. Jones Financial Companies Lllp boosted its stake in Cenovus Energy by 574.8% in the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock valued at $301,000 after acquiring an additional 18,405 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Cenovus Energy by 6.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock valued at $10,397,000 after purchasing an additional 44,125 shares during the last quarter. Prudential Financial Inc. bought a new stake in Cenovus Energy in the second quarter valued at about $525,000. EverSource Wealth Advisors LLC lifted its stake in Cenovus Energy by 57.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after buying an additional 1,800 shares during the period. Finally, Marshall Wace LLP acquired a new position in Cenovus Energy in the second quarter valued at about $495,000. Institutional investors own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. UBS Group restated a “buy” rating on shares of Cenovus Energy in a report on Thursday, April 9th. Finally, Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $35.25.

Cenovus Energy Stock Performance

Shares of CVE opened at $27.71 on Wednesday. The firm has a market cap of $51.56 billion, a P/E ratio of 15.22 and a beta of 0.34. Cenovus Energy Inc has a twelve month low of $14.48 and a twelve month high of $32.07. 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 firm’s 50 day moving average price is $27.31 and its two-hundred day moving average price is $24.99.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $9.47 billion. During the same quarter in the prior year, the firm earned $0.47 earnings per share. The firm’s revenue was up 1.0% compared to the same quarter last year. On average, analysts forecast that Cenovus Energy Inc will post 3.02 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.22 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, June 15th. Cenovus Energy’s payout ratio is currently 35.16%.

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.