Triasima Portfolio Management inc. Acquires 64,959 Shares of Cenovus Energy Inc $CVE

Triasima Portfolio Management inc. grew its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 20.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 388,841 shares of the oil and gas company’s stock after buying an additional 64,959 shares during the quarter. Cenovus Energy makes up 1.6% of Triasima Portfolio Management inc.’s portfolio, making the stock its 21st largest position. Triasima Portfolio Management inc.’s holdings in Cenovus Energy were worth $12,116,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CVE. The Manufacturers Life Insurance Company acquired a new position in Cenovus Energy during the 2nd quarter worth about $423,886,000. GQG Partners LLC bought a new stake in Cenovus Energy during the 2nd quarter worth about $411,552,000. Bank of America Corp DE bought a new stake in Cenovus Energy during the 2nd quarter worth about $369,701,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Cenovus Energy in the 2nd quarter valued at about $355,752,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Cenovus Energy in the 2nd quarter valued at about $261,811,000. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Trading Down 1.9%

CVE stock opened at $31.98 on Friday. The company has a market cap of $58.27 billion, a P/E ratio of 12.30 and a beta of 0.46. Cenovus Energy Inc has a twelve month low of $15.63 and a twelve month high of $34.16. 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 moving average of $31.86 and a 200-day moving average of $29.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.11. The business had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%. The firm’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 earnings per share. As a group, equities research analysts expect that Cenovus Energy Inc will post 4.12 EPS for the current year.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were issued a dividend of C$0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, September 15th. Cenovus Energy’s payout ratio is currently 24.62%.

Wall Street Analyst Weigh In

CVE has been the subject of a number of research analyst reports. Royal Bank Of Canada boosted their target price on shares of Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Sunday, October 11th. Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, September 2nd. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Finally, JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a report on Tuesday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Cenovus Energy has an average rating of “Buy” and a consensus price target of $39.00.

Cenovus Energy Company Profile

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.