Beverly Hills Private Wealth LLC Acquires Shares of 107,923 Cenovus Energy Inc $CVE

Beverly Hills Private Wealth LLC bought a new position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the second quarter, Holdings Channel reports. The firm bought 107,923 shares of the oil and gas company’s stock, valued at approximately $2,678,000.

Several other hedge funds have also recently made changes to their positions in the company. Financial Management Professionals Inc. purchased a new position in shares of Cenovus Energy during the 4th quarter valued at $25,000. Transamerica Financial Advisors LLC increased its holdings in Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 1,433 shares during the last quarter. NBC Securities Inc. increased its holdings in Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Cenovus Energy in the 4th quarter valued at about $38,000. Finally, Geneos Wealth Management Inc. lifted its holdings in Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Stock Performance

Shares of CVE opened at $31.06 on Monday. Cenovus Energy Inc has a 52-week low of $14.77 and a 52-week high of $32.07. The stock’s 50-day simple moving average is $27.41 and its 200 day simple moving average is $26.06. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The stock has a market capitalization of $57.44 billion, a price-to-earnings ratio of 11.95 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The firm had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. During the same period in the prior year, the business posted $0.45 earnings per share. The company’s revenue was up 47.9% on a year-over-year basis. Research analysts forecast that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 annualized dividend and a yield of 2.8%. Cenovus Energy’s payout ratio is currently 24.62%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Zacks Research lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. 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. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Finally, Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.25.

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.