Bayesian Capital Management LP Has $2.47 Million Position in Cenovus Energy Inc. (NYSE:CVE)

Bayesian Capital Management LP increased its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 125.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 163,000 shares of the oil and gas company’s stock after purchasing an additional 90,700 shares during the quarter. Bayesian Capital Management LP’s holdings in Cenovus Energy were worth $2,469,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Alliancebernstein L.P. increased its holdings in shares of Cenovus Energy by 0.7% in the fourth quarter. Alliancebernstein L.P. now owns 106,532 shares of the oil and gas company’s stock valued at $1,614,000 after purchasing an additional 779 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in 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 valued at $25,000 after acquiring an additional 851 shares during the last quarter. Montgomery Investment Management Inc. increased its position in Cenovus Energy by 1.6% in the fourth quarter. Montgomery Investment Management Inc. now owns 56,535 shares of the oil and gas company’s stock worth $857,000 after purchasing an additional 894 shares during the period. Guggenheim Capital LLC raised its holdings in Cenovus Energy by 4.5% during the 4th quarter. Guggenheim Capital LLC now owns 20,974 shares of the oil and gas company’s stock worth $318,000 after purchasing an additional 908 shares during the last quarter. Finally, Banco Santander S.A. lifted its position in Cenovus Energy by 5.6% during the 4th quarter. Banco Santander S.A. now owns 30,967 shares of the oil and gas company’s stock valued at $469,000 after purchasing an additional 1,641 shares during the period. 51.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. National Bank Financial lowered shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. National Bankshares restated a “sector perform” rating on shares of Cenovus Energy in a report on Friday, April 25th. Royal Bank of Canada reiterated an “outperform” rating and issued a $25.00 price objective on shares of Cenovus Energy in a research report on Friday, April 11th. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Finally, The Goldman Sachs Group reduced their price target on shares of Cenovus Energy from $18.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.75.

Cenovus Energy Stock Performance

Shares of CVE opened at $12.03 on Friday. The firm has a 50-day moving average of $12.67 and a 200-day moving average of $14.47. The company has a market cap of $21.93 billion, a PE ratio of 9.94 and a beta of 1.46. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy Inc. has a one year low of $10.23 and a one year high of $21.08.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.27). The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $11.08 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. As a group, equities analysts forecast that Cenovus Energy Inc. will post 1.49 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.1269 per share. This represents a $0.51 annualized dividend and a dividend yield of 4.22%. The ex-dividend date was Friday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is currently 40.50%.

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.