Summerhill Capital Management lnc. Makes New $2.19 Million Investment in Cenovus Energy Inc $CVE

Summerhill Capital Management lnc. purchased a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 82,822 shares of the oil and gas company’s stock, valued at approximately $2,194,000. Cenovus Energy comprises approximately 1.9% of Summerhill Capital Management lnc.’s investment portfolio, making the stock its 17th biggest position.

Several other hedge funds have also bought and sold shares of the stock. Jones Financial Companies Lllp raised its holdings in Cenovus Energy by 574.8% in the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after purchasing an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Cenovus Energy by 6.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock worth $10,397,000 after purchasing an additional 44,125 shares during the last quarter. Prudential Financial Inc. purchased a new stake in shares of Cenovus Energy in the 2nd quarter valued at approximately $525,000. EverSource Wealth Advisors LLC raised its position in Cenovus Energy by 57.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 1,800 shares during the period. Finally, Marshall Wace LLP acquired a new position in Cenovus Energy during the 2nd quarter worth about $495,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

CVE stock opened at $24.80 on Friday. The firm has a 50 day moving average of $27.93 and a 200-day moving average of $23.43. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The company has a market cap of $46.15 billion, a price-to-earnings ratio of 13.63 and a beta of 0.34. Cenovus Energy Inc has a 12-month low of $13.47 and a 12-month high of $32.07.

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

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.22 dividend. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date is Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 3.5%. Cenovus Energy’s payout ratio is currently 35.16%.

Analyst Ratings Changes

Several equities analysts have commented on CVE shares. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, May 7th. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a research note on Wednesday, May 13th. Finally, Royal Bank Of Canada boosted their target price on Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy currently has an average rating of “Moderate Buy” and a consensus target price of $35.25.

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.