Canada Pension Plan Investment Board Takes Position in Cenovus Energy Inc $CVE

Canada Pension Plan Investment Board acquired a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 10,562,249 shares of the oil and gas company’s stock, valued at approximately $261,811,000. Canada Pension Plan Investment Board owned 0.57% of Cenovus Energy at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its stake in shares of Cenovus Energy by 574.8% during the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock valued at $301,000 after purchasing an additional 18,405 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Cenovus Energy by 6.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock worth $10,397,000 after buying an additional 44,125 shares in the last quarter. Prudential Financial Inc. acquired a new stake in shares of Cenovus Energy in the 2nd quarter worth approximately $525,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Cenovus Energy by 57.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 1,800 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in Cenovus Energy in the second quarter worth approximately $495,000. Institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on CVE shares. Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Weiss Ratings raised shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Finally, Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.25.

Cenovus Energy Price Performance

NYSE CVE opened at $30.83 on Wednesday. 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 $15.63 and a 1 year high of $33.40. The company has a market cap of $57.02 billion, a PE ratio of 11.86 and a beta of 0.34. The stock’s 50-day moving average price is $28.02 and its two-hundred day moving average price is $26.67.

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

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s payout ratio is 24.62%.

About Cenovus Energy

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.