GQG Partners LLC Makes New $411.55 Million Investment in Cenovus Energy Inc $CVE

GQG Partners LLC purchased a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, Holdings Channel reports. The firm purchased 16,592,495 shares of the oil and gas company’s stock, valued at approximately $411,552,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Cenovus Energy in the 2nd quarter valued at $3,014,000. Quantbot Technologies LP bought a new position in shares of Cenovus Energy in the 2nd quarter valued at $2,417,000. X Square Capital LLC acquired a new position in shares of Cenovus Energy during the 2nd quarter worth $665,000. Korea Investment CORP acquired a new position in shares of Cenovus Energy during the 2nd quarter worth $26,656,000. Finally, Ieq Capital LLC bought a new stake in shares of Cenovus Energy during the 2nd quarter worth $1,591,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Trading Up 1.6%

Shares of CVE stock opened at $32.99 on Friday. The stock has a market cap of $61.01 billion, a price-to-earnings ratio of 12.69 and a beta of 0.34. The stock has a 50-day moving average of $27.83 and a 200-day moving average of $26.46. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc has a 1-year low of $15.44 and a 1-year high of $33.40.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, hitting analysts’ consensus estimates of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. During the same period in the previous year, the firm earned $0.45 earnings per share. The firm’s quarterly revenue was up 47.9% on a year-over-year basis. On average, equities research analysts forecast that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.22 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. Cenovus Energy’s payout ratio is 24.62%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Raymond James Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy presently has an average rating of “Moderate Buy” and an average target price of $36.25.

Cenovus Energy Profile

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.