Aigen Investment Management LP Invests $315,000 in Cenovus Energy Inc. (NYSE:CVE)

Aigen Investment Management LP acquired a new stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,818 shares of the oil and gas company’s stock, valued at approximately $315,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of Cenovus Energy by 640.3% during the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Cenovus Energy by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after acquiring an additional 643 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Cenovus Energy in the first quarter worth $205,000. Everpar Advisors LLC purchased a new position in shares of Cenovus Energy in the second quarter valued at $211,000. Finally, FCG Investment Co bought a new stake in shares of Cenovus Energy during the 3rd quarter valued at $211,000. Institutional investors own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CVE shares. StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. BMO Capital Markets reduced their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Finally, TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at $15.63 on Friday. Cenovus Energy Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The firm’s fifty day moving average price is $16.75 and its 200-day moving average price is $18.52. The stock has a market cap of $28.58 billion, a P/E ratio of 10.78 and a beta of 2.05. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.08. The firm had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company’s revenue was down 17.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 earnings per share. On average, equities research analysts expect that Cenovus Energy Inc. will post 1.5 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.133 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.53 annualized dividend and a yield of 3.40%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Cenovus Energy Company Profile

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.