40,000 Shares in Cenovus Energy Inc $CVE Bought by PenderFund Capital Management Ltd.

PenderFund Capital Management Ltd. acquired a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 40,000 shares of the oil and gas company’s stock, valued at approximately $992,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Capital Research Global Investors increased its stake in shares of Cenovus Energy by 16.6% in the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock valued at $2,103,090,000 after acquiring an additional 17,730,542 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in Cenovus Energy during the 2nd quarter worth approximately $423,886,000. GQG Partners LLC acquired a new position in Cenovus Energy during the second quarter valued at approximately $411,552,000. Bank of America Corp DE acquired a new position in Cenovus Energy during the second quarter valued at approximately $369,701,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Cenovus Energy during the second quarter valued at approximately $355,752,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $31.71 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The firm has a market cap of $58.65 billion, a price-to-earnings ratio of 12.20 and a beta of 0.34. The stock’s 50-day moving average is $28.27 and its 200-day moving average is $26.83. Cenovus Energy Inc has a one year low of $15.63 and a one year high of $33.40.

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

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.8%. Cenovus Energy’s dividend payout ratio is 24.62%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CVE shares. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Cenovus Energy in a report on Thursday. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Finally, Lake Street Capital set a $36.00 price objective on Cenovus Energy in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus 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.