NewGen Asset Management Ltd Acquires Shares of 290,500 Cenovus Energy Inc $CVE

NewGen Asset Management Ltd acquired a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 290,500 shares of the oil and gas company’s stock, valued at approximately $4,915,000. Cenovus Energy makes up 3.0% of NewGen Asset Management Ltd’s investment portfolio, making the stock its 13th biggest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of CVE. Capital Research Global Investors increased its stake in Cenovus Energy by 291.3% during the 3rd quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock valued at $1,809,758,000 after purchasing an additional 79,345,506 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Cenovus Energy by 440.8% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 15,414,179 shares of the oil and gas company’s stock valued at $260,797,000 after purchasing an additional 12,564,179 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Cenovus Energy by 322.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company’s stock valued at $211,338,000 after purchasing an additional 11,849,355 shares in the last quarter. Mackenzie Financial Corp increased its stake in Cenovus Energy by 46.7% during the 3rd quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after purchasing an additional 9,753,134 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Cenovus Energy by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock valued at $1,074,660,000 after purchasing an additional 7,197,843 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $27.11 on Tuesday. The company has a 50 day moving average price of $28.08 and a 200-day moving average price of $23.00. Cenovus Energy Inc has a 52 week low of $13.47 and a 52 week high of $32.07. The firm has a market capitalization of $50.69 billion, a PE ratio of 14.90 and a beta of 0.34. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. The firm had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.47 earnings per share. As a group, equities research analysts expect that Cenovus Energy Inc will post 3.15 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change 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 3.2%. Cenovus Energy’s payout ratio is 32.42%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CVE. Veritas raised shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, May 7th. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Finally, Royal Bank Of Canada lifted their price target on shares of Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $35.25.

Cenovus Energy 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.