Legal & General Group Plc Makes New $103.51 Million Investment in Cenovus Energy Inc $CVE

Legal & General Group Plc purchased a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,173,330 shares of the oil and gas company’s stock, valued at approximately $103,513,000.

A number of other hedge funds also recently bought and sold shares of CVE. Gables Capital Management Inc. acquired a new position in shares of Cenovus Energy during the second quarter worth about $35,000. Transamerica Financial Advisors LLC raised its holdings in Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 1,433 shares in the last quarter. NBC Securities Inc. raised its holdings 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 in the last quarter. Kestra Advisory Services LLC purchased a new position in Cenovus Energy in the fourth quarter worth approximately $38,000. Finally, Allworth Financial LP purchased a new position in Cenovus Energy in the second quarter worth approximately $68,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Raymond James Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. 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. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research note on Wednesday, August 19th. Royal Bank Of Canada increased their target price on Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Finally, Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.25.

Cenovus Energy Trading Up 0.7%

Shares of Cenovus Energy stock opened at $31.71 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The company has a fifty day simple moving average of $28.27 and a 200-day simple moving average of $26.83. The stock has a market cap of $58.65 billion, a price-to-earnings ratio of 12.20 and a beta of 0.34. Cenovus Energy Inc has a 12-month low of $15.63 and a 12-month high of $33.40.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm had revenue of $14.59 billion during the quarter, compared to analysts’ expectations of $11.87 billion. During the same period in the previous year, the company earned $0.45 earnings per share. Cenovus Energy’s quarterly revenue was up 47.9% compared to the same quarter last year. On average, equities analysts forecast that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.8%. Cenovus Energy’s payout ratio is 24.62%.

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.