Quantbot Technologies LP Invests $2.42 Million in Cenovus Energy Inc $CVE

Quantbot Technologies LP bought a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 97,426 shares of the oil and gas company’s stock, valued at approximately $2,417,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CVE. TD Asset Management Inc lifted its stake in shares of Cenovus Energy by 3.6% in the 4th quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock valued at $287,897,000 after purchasing an additional 595,518 shares during the period. Alberta Investment Management Corp bought a new stake in shares of Cenovus Energy during the second quarter valued at approximately $143,730,000. Beverly Hills Private Wealth LLC purchased a new stake in Cenovus Energy in the second quarter worth $2,678,000. Amundi grew its stake in Cenovus Energy by 1.4% in the first quarter. Amundi now owns 5,366,196 shares of the oil and gas company’s stock worth $142,365,000 after purchasing an additional 71,891 shares during the period. Finally, Militia Capital Management LLC purchased a new stake in Cenovus Energy in the first quarter worth $1,740,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CVE shares. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a research note on Wednesday, May 13th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $36.25.

Cenovus Energy Stock Up 0.2%

Shares of NYSE:CVE opened at $32.99 on Monday. The stock has a fifty day simple moving average of $27.83 and a two-hundred day simple moving average of $26.51. The stock has a market capitalization of $61.01 billion, a price-to-earnings ratio of 12.69 and a beta of 0.34. Cenovus Energy Inc has a 12-month low of $15.44 and a 12-month high of $33.40. 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 (NYSE:CVE) (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 Announces Dividend

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%.

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.