CNA Financial Corp Raises Stake in Cenovus Energy Inc (CVE)

CNA Financial Corp grew its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 19.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 205,929 shares of the oil and gas company’s stock after purchasing an additional 33,721 shares during the period. CNA Financial Corp’s holdings in Cenovus Energy were worth $1,519,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. FNY Partners Fund LP acquired a new position in shares of Cenovus Energy in the 1st quarter valued at about $113,000. Neuberger Berman Group LLC grew its stake in shares of Cenovus Energy by 7.4% in the 1st quarter. Neuberger Berman Group LLC now owns 12,992 shares of the oil and gas company’s stock valued at $147,000 after buying an additional 900 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Cenovus Energy by 51.6% in the 1st quarter. Acadian Asset Management LLC now owns 13,800 shares of the oil and gas company’s stock valued at $156,000 after buying an additional 4,700 shares in the last quarter. Allegis Investment Advisors LLC grew its stake in shares of Cenovus Energy by 16.9% in the 2nd quarter. Allegis Investment Advisors LLC now owns 13,933 shares of the oil and gas company’s stock valued at $103,000 after buying an additional 2,016 shares in the last quarter. Finally, Cigna Investments Inc. New bought a new stake in shares of Cenovus Energy in the 2nd quarter valued at approximately $110,000. Institutional investors own 56.17% of the company’s stock.

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Several equities research analysts recently commented on the company. Canaccord Genuity reissued a “buy” rating and issued a $14.00 price target on shares of Cenovus Energy in a research note on Tuesday, September 5th. BidaskClub cut Cenovus Energy from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. ValuEngine raised Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Zacks Investment Research cut Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 26th. Finally, Morgan Stanley cut Cenovus Energy from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, July 19th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. Cenovus Energy has a consensus rating of “Hold” and a consensus price target of $17.04.

Shares of Cenovus Energy Inc (NYSE:CVE) traded up 2.27% during midday trading on Tuesday, reaching $8.55. The company’s stock had a trading volume of 625,675 shares. The firm has a market cap of $10.51 billion, a price-to-earnings ratio of 3.64 and a beta of 0.56. The company has a 50-day moving average price of $7.90 and a 200-day moving average price of $9.34. Cenovus Energy Inc has a 12 month low of $6.76 and a 12 month high of $16.82.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, July 27th. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.24. Cenovus Energy had a return on equity of 3.20% and a net margin of 17.89%. The business had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.40 billion. During the same quarter last year, the firm earned ($0.05) EPS. Equities analysts expect that Cenovus Energy Inc will post $0.42 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.039 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, September 14th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s dividend payout ratio (DPR) is currently 8.33%.

About Cenovus Energy

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Institutional Ownership by Quarter for Cenovus Energy (NYSE:CVE)

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