MQS Management LLC Acquires New Shares in Cenovus Energy Inc $CVE

MQS Management LLC acquired a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the fourth quarter, Holdings Channel reports. The fund acquired 39,475 shares of the oil and gas company’s stock, valued at approximately $668,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lighthouse Investment Partners LLC raised its position in Cenovus Energy by 29.1% in the third quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock valued at $8,216,000 after purchasing an additional 109,000 shares during the period. Ninepoint Partners LP raised its position in Cenovus Energy by 490.0% in the third quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock valued at $60,145,000 after purchasing an additional 2,940,000 shares during the period. Canoe Financial LP purchased a new stake in Cenovus Energy in the fourth quarter valued at approximately $102,662,000. Intact Investment Management Inc. raised its position in Cenovus Energy by 69.6% in the third quarter. Intact Investment Management Inc. now owns 3,655,878 shares of the oil and gas company’s stock valued at $62,081,000 after purchasing an additional 1,500,590 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in Cenovus Energy by 24.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock valued at $303,470,000 after purchasing an additional 3,507,525 shares during the period. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Down 0.9%

Cenovus Energy stock opened at $30.04 on Friday. Cenovus Energy Inc has a twelve month low of $12.88 and a twelve month high of $32.07. The stock’s fifty day simple moving average is $27.00 and its 200-day simple moving average is $21.75. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $56.31 billion, a P/E ratio of 16.50 and a beta of 0.37.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The business had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. During the same quarter in the prior year, the company earned $0.47 earnings per share. The company’s revenue was up 1.0% on a year-over-year basis. As a group, equities analysts expect that Cenovus Energy Inc will post 3.01 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.22 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, June 15th. Cenovus Energy’s dividend payout ratio is currently 32.42%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CVE shares. BMO Capital Markets reissued an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Weiss Ratings raised Cenovus Energy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 8th. Wall Street Zen raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Finally, Zacks Research raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy has an average rating of “Buy” and an average price target of $35.25.

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.