Dynamic Technology Lab Private Ltd Buys New Holdings in Cenovus Energy Inc $CVE

Dynamic Technology Lab Private Ltd purchased a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 87,143 shares of the oil and gas company’s stock, valued at approximately $1,481,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Natixis Advisors LLC raised its holdings in shares of Cenovus Energy by 30.6% in the 3rd quarter. Natixis Advisors LLC now owns 70,607 shares of the oil and gas company’s stock worth $1,200,000 after purchasing an additional 16,536 shares during the period. Korea Investment CORP lifted its stake in shares of Cenovus Energy by 2.4% in the 3rd quarter. Korea Investment CORP now owns 1,094,405 shares of the oil and gas company’s stock valued at $18,586,000 after purchasing an additional 25,685 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Cenovus Energy by 332.0% during the 3rd quarter. First Trust Advisors LP now owns 565,648 shares of the oil and gas company’s stock worth $9,609,000 after purchasing an additional 434,721 shares during the period. Picton Mahoney Asset Management increased its position in Cenovus Energy by 15.6% during the 3rd quarter. Picton Mahoney Asset Management now owns 6,389,703 shares of the oil and gas company’s stock worth $108,472,000 after purchasing an additional 863,647 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in Cenovus Energy by 494.1% during the 3rd quarter. Victory Capital Management Inc. now owns 63,638 shares of the oil and gas company’s stock worth $1,081,000 after purchasing an additional 52,926 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Scotiabank upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, February 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a research report on Tuesday, January 27th. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a research note on Thursday, November 20th. TD Securities restated a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Finally, Royal Bank Of Canada upped their price target on shares of Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 18th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $27.33.

Cenovus Energy Stock Performance

Shares of CVE opened at $22.75 on Friday. The firm has a market cap of $42.77 billion, a price-to-earnings ratio of 14.87 and a beta of 0.43. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35. The business’s 50 day moving average is $19.79 and its two-hundred day moving average is $18.11. Cenovus Energy Inc has a 52-week low of $10.23 and a 52-week high of $23.89.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.08. The business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $10.89 billion. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. During the same quarter last year, the company earned $0.07 earnings per share. Analysts forecast that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Friday, March 13th. Cenovus Energy’s dividend payout ratio (DPR) is currently 37.25%.

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.