Mediolanum International Funds Ltd Buys 247,364 Shares of Cenovus Energy Inc $CVE

Mediolanum International Funds Ltd raised its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 87.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 530,933 shares of the oil and gas company’s stock after acquiring an additional 247,364 shares during the period. Mediolanum International Funds Ltd’s holdings in Cenovus Energy were worth $7,269,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Cenovus Energy in the 2nd quarter valued at $27,000. Ridgewood Investments LLC bought a new position in Cenovus Energy during the 2nd quarter valued at about $27,000. Allworth Financial LP boosted its position in Cenovus Energy by 104.3% in the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 1,168 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Cenovus Energy during the first quarter worth about $42,000. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of Cenovus Energy by 190.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 5,988 shares of the oil and gas company’s stock worth $81,000 after buying an additional 3,924 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CVE has been the topic of several recent analyst reports. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a report on Thursday. Weiss Ratings restated a “hold (c)” rating on shares of Cenovus Energy in a report on Thursday, October 30th. National Bankshares reaffirmed an “outperform” rating on shares of Cenovus Energy in a report on Wednesday, September 10th. Royal Bank Of Canada upped their price target on shares of Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, November 17th. Finally, Zacks Research upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Four research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $25.67.

Cenovus Energy Trading Down 1.0%

CVE opened at $17.88 on Friday. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $18.75. The company has a market cap of $34.15 billion, a price-to-earnings ratio of 17.70 and a beta of 0.86. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. The firm has a 50 day simple moving average of $17.35 and a 200 day simple moving average of $15.53.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Friday, October 31st. The oil and gas company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The firm had revenue of $10.87 billion during the quarter, compared to analyst estimates of $12.51 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 EPS. On average, sell-side analysts anticipate that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.80 annualized dividend and a yield of 4.5%. Cenovus Energy’s dividend payout ratio is presently 45.90%.

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.