Korea Investment CORP Takes $26.66 Million Position in Cenovus Energy Inc $CVE

Korea Investment CORP acquired a new position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, HoldingsChannel.com reports. The fund acquired 1,074,687 shares of the oil and gas company’s stock, valued at approximately $26,656,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. TD Asset Management Inc increased its holdings in Cenovus Energy by 3.6% in the 4th quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock worth $287,897,000 after acquiring an additional 595,518 shares in the last quarter. Alberta Investment Management Corp purchased a new position in shares of Cenovus Energy during the 2nd quarter valued at $143,730,000. Beverly Hills Private Wealth LLC bought a new position in Cenovus Energy in the 2nd quarter worth $2,678,000. Amundi boosted its holdings in Cenovus Energy by 1.4% in the 1st quarter. Amundi now owns 5,366,196 shares of the oil and gas company’s stock worth $142,365,000 after buying an additional 71,891 shares during the period. Finally, Militia Capital Management LLC purchased a new stake in Cenovus Energy in the 1st quarter worth $1,740,000. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Zacks Research downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a report on Wednesday. Finally, Desjardins raised shares of Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.25.

Cenovus Energy Stock Up 1.6%

Shares of CVE opened at $32.99 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The stock has a market capitalization of $61.01 billion, a price-to-earnings 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 business’s 50 day simple moving average is $27.83 and its 200-day simple moving average is $26.46.

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, 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 company had revenue of $14.59 billion for the quarter, compared to the consensus estimate of $11.87 billion. During the same quarter in the prior year, the firm earned $0.45 earnings per share. Cenovus Energy’s revenue was up 47.9% on a year-over-year basis. As a group, equities analysts expect that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

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

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.