X Square Capital LLC Makes New Investment in Cenovus Energy Inc $CVE

X Square Capital LLC purchased a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, Holdings Channel.com reports. The firm purchased 26,788 shares of the oil and gas company’s stock, valued at approximately $665,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CVE. Korea Investment CORP acquired a new stake in shares of Cenovus Energy during the second quarter worth $26,656,000. Ieq Capital LLC purchased a new stake in shares of Cenovus Energy during the second quarter valued at $1,591,000. Callan Family Office LLC acquired a new position in shares of Cenovus Energy in the 2nd quarter valued at $592,000. C M Bidwell & Associates Ltd. acquired a new position in shares of Cenovus Energy in the 2nd quarter valued at $194,000. Finally, Caldwell Investment Management Ltd. acquired a new position in shares of Cenovus Energy in the 2nd quarter valued at $1,852,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on CVE. Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Lake Street Capital set a $36.00 price objective on Cenovus Energy in a report on Wednesday, May 13th. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. Finally, Wall Street Zen raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and an average target price of $36.25.

Cenovus Energy Stock Up 1.6%

NYSE:CVE opened at $32.99 on Friday. The firm has a market capitalization of $61.01 billion, a P/E ratio of 12.69 and a beta of 0.34. Cenovus Energy Inc has a 1-year low of $15.44 and a 1-year high of $33.40. The company’s fifty day moving average price is $27.83 and its 200-day moving average price is $26.46. 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 (NYSE:CVE) (TSE:CVE) last issued its 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. The firm had revenue of $14.59 billion during the quarter, compared to analysts’ expectations of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm’s revenue was up 47.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.45 earnings per share. As a group, equities research analysts anticipate that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 24.62%.

Cenovus Energy Company Profile

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.