Canada Pension Plan Investment Board Makes New Investment in Cenovus Energy Inc $CVE

Canada Pension Plan Investment Board bought a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 10,562,249 shares of the oil and gas company’s stock, valued at approximately $261,811,000.

A number of other hedge funds have also recently added to or reduced their stakes in CVE. SIR Capital Management L.P. acquired a new position in shares of Cenovus Energy during the second quarter worth approximately $16,727,000. Legal & General Group Plc bought a new stake in shares of Cenovus Energy in the 2nd quarter worth about $103,513,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth about $423,886,000. Aberdeen Wealth Management LLC acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth about $100,000. Finally, OMERS ADMINISTRATION Corp bought a new position in Cenovus Energy during the 2nd quarter valued at about $17,275,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CVE. Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a research note on Wednesday, May 13th. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Royal Bank Of Canada boosted their price objective on Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Finally, Zacks Research cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. 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 company’s stock. According to data from MarketBeat.com, Cenovus Energy has an average rating of “Moderate Buy” and a consensus price target of $36.25.

Cenovus Energy Stock Down 4.2%

NYSE:CVE opened at $30.83 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc has a 12-month low of $15.63 and a 12-month high of $33.40. The stock’s fifty day simple moving average is $28.02 and its 200-day simple moving average is $26.67. The firm has a market capitalization of $57.02 billion, a P/E ratio of 11.86 and a beta of 0.34.

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

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.9%. Cenovus Energy’s dividend payout ratio is 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.