Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Cenovus Energy Inc $CVE

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 14,283,683 shares of the oil and gas company’s stock, valued at approximately $355,752,000. Cenovus Energy makes up about 0.7% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 27th largest position.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Transamerica Financial Advisors LLC boosted its position in shares of Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 1,433 shares in the last quarter. NBC Securities Inc. increased its position in Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 1,500 shares in the last quarter. Gables Capital Management Inc. acquired a new position in Cenovus Energy during the 2nd quarter valued at about $35,000. Kestra Advisory Services LLC purchased a new stake in Cenovus Energy in the fourth quarter valued at about $38,000. Finally, Geneos Wealth Management Inc. raised its stake in Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 1,384 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Up 0.2%

Cenovus Energy stock opened at $32.99 on Monday. The business’s 50-day simple moving average is $27.83 and its two-hundred day simple moving average is $26.51. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The company has a market cap of $61.01 billion, a PE ratio of 12.69 and a beta of 0.34. Cenovus Energy Inc has a fifty-two week low of $15.44 and a fifty-two week high of $33.40.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data 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 return on equity of 21.08% and a net margin of 12.37%.The firm had revenue of $14.59 billion during the quarter, compared to analysts’ expectations of $11.87 billion. During the same period last year, the business posted $0.45 earnings per share. The company’s revenue for the quarter was up 47.9% compared to the same quarter last year. Equities analysts anticipate that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is 24.62%.

Wall Street Analysts Forecast Growth

CVE has been the subject of several recent analyst reports. Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. Zacks Research lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Raymond James Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.25.

About Cenovus Energy

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.