SIR Capital Management L.P. Acquires 854,658 Shares of Cenovus Energy Inc. (NYSE:CVE)

SIR Capital Management L.P. raised its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 809.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 960,300 shares of the oil and gas company’s stock after buying an additional 854,658 shares during the quarter. Cenovus Energy makes up about 1.5% of SIR Capital Management L.P.’s holdings, making the stock its 25th largest position. SIR Capital Management L.P.’s holdings in Cenovus Energy were worth $14,549,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Farther Finance Advisors LLC raised its stake in shares of Cenovus Energy by 104.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 851 shares during the last quarter. Sierra Ocean LLC purchased a new stake in Cenovus Energy in the 4th quarter valued at $67,000. Blue Trust Inc. lifted its stake in Cenovus Energy by 54.7% during the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after acquiring an additional 1,677 shares in the last quarter. Natixis purchased a new position in Cenovus Energy during the 4th quarter worth $98,000. Finally, Black Maple Capital Management LP bought a new stake in shares of Cenovus Energy in the 4th quarter worth $167,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Stock Performance

Shares of CVE opened at $13.64 on Friday. Cenovus Energy Inc. has a 12-month low of $10.23 and a 12-month high of $21.08. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a market cap of $24.86 billion, a PE ratio of 11.27 and a beta of 0.95. The stock has a 50-day moving average price of $12.67 and a 200-day moving average price of $14.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, May 8th. The oil and gas company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. The firm had revenue of $11.15 billion for the quarter, compared to analyst estimates of $12.39 billion. During the same quarter in the prior year, the firm earned $0.62 EPS. As a group, equities analysts forecast that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.1269 per share. This represents a $0.51 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is presently 51.40%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CVE. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $25.00 price objective on shares of Cenovus Energy in a research report on Friday, April 11th. National Bankshares reiterated a “sector perform” rating on shares of Cenovus Energy in a research note on Friday, April 25th. National Bank Financial lowered shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. Finally, Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a research report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cenovus Energy currently has an average rating of “Moderate Buy” and a consensus target price of $25.75.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.