USS Investment Management Ltd Makes New $856,000 Investment in Cenovus Energy Inc $CVE

USS Investment Management Ltd bought a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the first quarter, HoldingsChannel reports. The institutional investor bought 32,253 shares of the oil and gas company’s stock, valued at approximately $856,000.

Several other hedge funds have also made changes to their positions in the company. Financial Management Professionals Inc. purchased a new position in shares of Cenovus Energy during the fourth quarter valued at $25,000. Transamerica Financial Advisors LLC lifted its stake in Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 1,433 shares during the period. NBC Securities Inc. lifted its stake in Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 1,500 shares during the period. Kestra Advisory Services LLC bought a new position in Cenovus Energy during the 4th quarter worth about $38,000. Finally, Geneos Wealth Management Inc. increased its position in Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the period. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CVE has been the subject of a number of analyst reports. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. The Goldman Sachs Group reiterated a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Royal Bank Of Canada boosted their price target on Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 19th. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Finally, Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy currently has an average rating of “Moderate Buy” and a consensus price target of $35.25.

Cenovus Energy Price Performance

Shares of CVE opened at $24.64 on Friday. The company has a market cap of $45.85 billion, a price-to-earnings ratio of 13.54 and a beta of 0.34. Cenovus Energy Inc has a twelve month low of $13.85 and a twelve month high of $32.07. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. The company has a 50 day moving average of $27.86 and a two-hundred day moving average of $23.67.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The business had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. During the same period in the prior year, the firm posted $0.47 earnings per share. The business’s quarterly revenue was up 1.0% on a year-over-year basis. As a group, analysts predict that Cenovus Energy Inc will post 3.02 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.22 dividend. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 3.6%. Cenovus Energy’s dividend payout ratio (DPR) is 35.16%.

Cenovus Energy Company 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.