Spark Investment Management LLC Invests $694,000 in Cenovus Energy Inc $CVE

Spark Investment Management LLC bought a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 28,000 shares of the oil and gas company’s stock, valued at approximately $694,000. Cenovus Energy accounts for 1.3% of Spark Investment Management LLC’s investment portfolio, making the stock its 21st biggest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Orion Capital Management LLC acquired a new position in Cenovus Energy during the second quarter valued at approximately $25,000. Gables Capital Management Inc. purchased a new stake in Cenovus Energy during the second quarter worth approximately $35,000. Transamerica Financial Advisors LLC increased its position in shares of Cenovus Energy by 1,302.7% in the fourth 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 in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Cenovus Energy in the fourth quarter worth $38,000. Finally, Allworth Financial LP purchased a new position in shares of Cenovus Energy in the 2nd quarter valued at $68,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CVE. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, July 30th. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Wednesday, September 2nd. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. 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. Finally, Royal Bank Of Canada raised their price target on shares of Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average price target of $39.00.

Cenovus Energy Stock Performance

CVE traded up $0.84 during trading on Tuesday, reaching $33.22. 6,135,687 shares of the company were exchanged, compared to its average volume of 10,729,909. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $33.79. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The firm has a 50 day moving average of $29.31 and a 200 day moving average of $27.37. The stock has a market cap of $61.19 billion, a P/E ratio of 12.78 and a beta of 0.35.

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 (EPS) for the quarter, meeting the consensus estimate of $1.11. The company had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 earnings per share. On average, sell-side analysts forecast that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s payout ratio is presently 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.