Public Employees Retirement System of Ohio Acquires New Position in Cenovus Energy Inc $CVE

Public Employees Retirement System of Ohio acquired a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the 2nd quarter, HoldingsChannel reports. The firm acquired 88,999 shares of the oil and gas company’s stock, valued at approximately $2,207,000.

A number of other institutional investors also recently bought and sold shares of CVE. PenderFund Capital Management Ltd. purchased a new stake in shares of Cenovus Energy in the 2nd quarter valued at approximately $992,000. Pure Financial Advisors LLC purchased a new stake in shares of Cenovus Energy during the 2nd quarter valued at approximately $427,000. Corient Private Wealth LP purchased a new stake in shares of Cenovus Energy during the 2nd quarter valued at approximately $1,130,000. Bank of America Corp DE acquired a new position in Cenovus Energy in the second quarter valued at approximately $369,701,000. Finally, Jupiter Topco LLC acquired a new position in Cenovus Energy in the second quarter valued at approximately $2,137,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CVE has been the subject of several recent analyst reports. Lake Street Capital set a $36.00 target price on Cenovus Energy in a research note on Wednesday, May 13th. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Zacks Research downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Finally, Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Cenovus Energy Trading Up 0.1%

CVE opened at $32.40 on Monday. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $33.40. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $29.16 and a 200-day simple moving average of $27.29. The firm has a market cap of $59.69 billion, a P/E ratio of 12.46 and a beta of 0.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting 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 during the quarter, compared to analysts’ expectations of $11.87 billion. During the same period last year, the business posted $0.45 EPS. Cenovus Energy’s revenue for the quarter was up 47.9% on a year-over-year basis. On average, equities analysts expect that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Announces Dividend

The firm 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 dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is currently 24.62%.

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.