59,962 Shares in Cenovus Energy Inc. (NYSE:CVE) Acquired by Summit Global Investments

Summit Global Investments purchased a new stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 59,962 shares of the oil and gas company’s stock, valued at approximately $998,000.

A number of other large investors have also recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Cenovus Energy by 5.8% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 11,947 shares of the oil and gas company’s stock valued at $249,000 after purchasing an additional 654 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cenovus Energy by 8.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 304,303 shares of the oil and gas company’s stock worth $6,365,000 after buying an additional 24,160 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Cenovus Energy by 4.7% during the third quarter. Mackenzie Financial Corp now owns 10,591,055 shares of the oil and gas company’s stock worth $211,960,000 after buying an additional 475,140 shares in the last quarter. Adams Natural Resources Fund Inc. bought a new position in shares of Cenovus Energy in the third quarter valued at approximately $5,365,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Cenovus Energy in the 3rd quarter worth approximately $706,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Trading Down 0.4 %

CVE stock traded down $0.08 during midday trading on Friday, reaching $20.49. The stock had a trading volume of 8,227,200 shares, compared to its average volume of 10,314,023. The firm has a market cap of $38.22 billion, a price-to-earnings ratio of 11.38 and a beta of 2.10. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.90. The company has a quick ratio of 0.91, a current ratio of 1.70 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $19.74 and a two-hundred day simple moving average of $18.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 15th. The oil and gas company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.25 by $0.04. Cenovus Energy had a net margin of 8.73% and a return on equity of 16.53%. The company had revenue of $9.65 billion during the quarter, compared to analysts’ expectations of $9.73 billion. During the same quarter in the previous year, the company earned $0.29 EPS. As a group, research analysts expect that Cenovus Energy Inc. will post 1.88 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be paid a $0.0981 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 5.74%. The ex-dividend date is Thursday, May 16th. Cenovus Energy’s dividend payout ratio (DPR) is currently 22.78%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CVE shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $28.00 price objective on shares of Cenovus Energy in a research report on Friday, January 26th. Morgan Stanley upped their price target on shares of Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. StockNews.com upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Friday. Finally, UBS Group upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating in a research report on Friday, February 23rd. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $26.67.

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.