Navellier & Associates Inc. Invests $7.27 Million in Cenovus Energy Inc $CVE

Navellier & Associates Inc. bought a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 293,121 shares of the oil and gas company’s stock, valued at approximately $7,272,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Orion Capital Management LLC purchased a new stake in Cenovus Energy during the second quarter worth approximately $25,000. Gables Capital Management Inc. acquired a new stake in Cenovus Energy in the 2nd quarter valued at $35,000. Transamerica Financial Advisors LLC lifted its stake in shares of Cenovus Energy by 1,302.7% during the fourth 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. boosted its position in shares of Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after buying an additional 1,500 shares during the period. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Cenovus Energy in the fourth quarter worth about $38,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Trading Down 0.3%

NYSE CVE opened at $31.60 on Friday. The company has a market capitalization of $58.44 billion, a price-to-earnings ratio of 12.15 and a beta of 0.34. 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 12 month low of $15.63 and a 12 month high of $33.40. The company’s fifty day moving average price is $28.40 and its two-hundred day moving average price is $26.87.

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, meeting analysts’ consensus estimates of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. During the same quarter in the prior year, the business posted $0.45 EPS. The company’s revenue for the quarter was up 47.9% on a year-over-year basis. As a group, research analysts predict that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently disclosed 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 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s payout ratio is currently 24.62%.

Analyst Upgrades and Downgrades

CVE has been the subject of several recent research reports. 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. Zacks Research downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Weiss Ratings raised shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Wall Street Zen raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Cenovus Energy 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.