Corient Private Wealth LP Makes New $1.13 Million Investment in Cenovus Energy Inc $CVE

Corient Private Wealth LP acquired a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 45,541 shares of the oil and gas company’s stock, valued at approximately $1,130,000.

Other hedge funds have also recently added to or reduced their stakes in the company. TD Asset Management Inc increased its position in Cenovus Energy by 3.6% during the fourth quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock worth $287,897,000 after purchasing an additional 595,518 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in shares of Cenovus Energy during the 2nd quarter valued at $17,275,000. Beverly Hills Private Wealth LLC acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth $2,678,000. Alberta Investment Management Corp purchased a new position in shares of Cenovus Energy in the 2nd quarter worth $143,730,000. Finally, GQG Partners LLC acquired a new position in Cenovus Energy in the second quarter valued at $411,552,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Trading Down 1.2%

CVE opened at $32.40 on Friday. The firm has a market capitalization of $59.69 billion, a P/E ratio of 12.46 and a beta of 0.35. The firm’s 50 day moving average is $29.16 and its 200-day moving average is $27.26. Cenovus Energy Inc has a 52-week low of $15.63 and a 52-week high of $33.40. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released 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 firm had revenue of $14.59 billion for the quarter, compared to the consensus estimate of $11.87 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. The firm’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 fiscal 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 paid a $0.22 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. Cenovus Energy’s payout ratio is 24.62%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Wednesday. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, August 27th. Wall Street Zen lowered shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Saturday. 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. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $39.00.

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.