Cenovus Energy Inc (CVE) Position Increased by Pzena Investment Management LLC
Pzena Investment Management LLC raised its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 16.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,078,963 shares of the oil and gas company’s stock after buying an additional 3,046,244 shares during the period. Pzena Investment Management LLC owned about 1.80% of Cenovus Energy worth $162,722,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in CVE. FNY Partners Fund LP acquired a new stake in shares of Cenovus Energy during the first quarter valued at $113,000. Allegis Investment Advisors LLC acquired a new stake in shares of Cenovus Energy during the first quarter valued at $135,000. Neuberger Berman Group LLC increased its stake in shares of Cenovus Energy by 7.4% in the first quarter. Neuberger Berman Group LLC now owns 12,992 shares of the oil and gas company’s stock valued at $147,000 after buying an additional 900 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Cenovus Energy by 51.6% in the first quarter. Acadian Asset Management LLC now owns 13,800 shares of the oil and gas company’s stock valued at $156,000 after buying an additional 4,700 shares during the last quarter. Finally, Cigna Investments Inc. New acquired a new stake in shares of Cenovus Energy during the second quarter valued at $110,000. 55.77% of the stock is currently owned by hedge funds and other institutional investors.
Cenovus Energy Inc (NYSE CVE) traded down 0.733% during mid-day trading on Monday, hitting $7.445. The stock had a trading volume of 546,682 shares. The stock has a 50 day moving average of $7.71 and a 200-day moving average of $10.02. Cenovus Energy Inc has a 1-year low of $6.76 and a 1-year high of $16.82. The firm has a market cap of $9.15 billion, a P/E ratio of 3.175 and a beta of 0.57.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, July 27th. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.24. The business had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.40 billion. Cenovus Energy had a net margin of 17.89% and a return on equity of 3.20%. During the same quarter in the previous year, the business earned ($0.05) earnings per share. Analysts predict that Cenovus Energy Inc will post $0.37 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.039 dividend. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.04. The ex-dividend date is Thursday, September 14th. This represents a $0.16 annualized dividend and a yield of 2.08%. Cenovus Energy’s payout ratio is presently 8.33%.
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Several analysts have weighed in on the company. UBS AG downgraded Cenovus Energy from a “market perform” rating to an “underperform” rating in a research note on Wednesday, July 5th. BidaskClub downgraded Cenovus Energy from a “hold” rating to a “sell” rating in a research note on Thursday. Zacks Investment Research raised Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Barclays PLC reaffirmed an “overweight” rating and set a $22.00 target price (up previously from $15.00) on shares of Cenovus Energy in a research note on Wednesday, July 12th. Finally, ValuEngine raised Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $17.39.
About Cenovus Energy
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