Cidel Asset Management Inc. Purchases Shares of 589,828 Cenovus Energy Inc $CVE

Cidel Asset Management Inc. purchased a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, HoldingsChannel.com reports. The fund purchased 589,828 shares of the oil and gas company’s stock, valued at approximately $14,630,000.

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

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $33.22 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. Cenovus Energy Inc has a fifty-two week low of $15.63 and a fifty-two week high of $33.79. The firm has a fifty day moving average price of $29.48 and a two-hundred day moving average price of $27.45. The company has a market cap of $61.19 billion, a PE ratio of 12.78 and a beta of 0.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. During the same period last year, the business posted $0.45 EPS. The business’s quarterly revenue was up 47.9% on a year-over-year basis. Analysts expect that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.6%. Cenovus Energy’s dividend payout ratio (DPR) is 24.23%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Wednesday, September 2nd. JPMorgan Chase & Co. upgraded Cenovus Energy from a “neutral” rating to an “overweight” rating in a research note on Tuesday. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, August 27th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

Cenovus Energy Company Profile

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.