PDT Partners LLC Purchases New Position in Cenovus Energy Inc $CVE

PDT Partners LLC acquired a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 327,063 shares of the oil and gas company’s stock, valued at approximately $8,114,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Gables Capital Management Inc. acquired a new stake in Cenovus Energy in the second quarter valued at approximately $35,000. Transamerica Financial Advisors LLC lifted its stake in shares of Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 1,433 shares during the last quarter. NBC Securities Inc. lifted its stake in shares of Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Cenovus Energy during the 4th quarter valued at $38,000. Finally, Allworth Financial LP acquired a new stake in shares of Cenovus Energy during the 2nd quarter valued at $68,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

NYSE CVE opened at $30.83 on Wednesday. The company has a market capitalization of $57.02 billion, a price-to-earnings ratio of 11.86 and a beta of 0.34. Cenovus Energy Inc has a twelve month low of $15.63 and a twelve month high of $33.40. The stock has a fifty day simple moving average of $28.02 and a 200 day simple moving average of $26.67. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.11. The business had revenue of $14.59 billion during 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%.Cenovus Energy’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same period last year, the company earned $0.45 EPS. Sell-side analysts expect that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is 24.62%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CVE. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, July 30th. Zacks Research downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.25.

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.