111,753 Cenovus Energy Inc $CVE Shares Acquired by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management increased its Cenovus Energy stake by 18.9% in the third quarter, acquiring 111,753 shares and bringing its holdings to 701,581 shares valued at approximately $21.9 million.
• Cenovus reported quarterly EPS of $1.11, in line with estimates, while revenue rose 47.9% year over year to $14.59 billion. Institutional investors collectively own 51.19% of the company.
• Analyst sentiment remains positive, with a consensus “Buy” rating and a $39 target price; several firms recently upgraded the stock or raised their price targets.

Cidel Asset Management Inc. boosted its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 18.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 701,581 shares of the oil and gas company's stock after purchasing an additional 111,753 shares during the period. Cidel Asset Management Inc.'s holdings in Cenovus Energy were worth $21,862,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Orion Capital Management LLC bought a new position in Cenovus Energy during the second quarter worth about $25,000. Versant Capital Management Inc lifted its holdings in shares of Cenovus Energy by 990.9% during the third quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company's stock worth $34,000 after buying an additional 981 shares in the last quarter. Gables Capital Management Inc. acquired a new stake in Cenovus Energy in the 2nd quarter worth about $35,000. GK Wealth Management LLC bought a new stake in shares of Cenovus Energy in the third quarter valued at approximately $59,000. Finally, SBI Securities Co. Ltd. grew its holdings in shares of Cenovus Energy by 149.8% during the 3rd quarter. SBI Securities Co. Ltd. now owns 2,336 shares of the oil and gas company's stock worth $73,000 after purchasing an additional 1,401 shares in the last quarter. Institutional investors own 51.19% of the company's stock.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $32.76 on Friday. The company has a 50 day simple moving average of $32.22 and a two-hundred day simple moving average of $27.39. Cenovus Energy Inc has a fifty-two week low of $15.63 and a fifty-two week high of $34.16. The company has a market capitalization of $59.51 billion, a price-to-earnings ratio of 12.60 and a beta of 0.46. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 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 firm had revenue of $14.59 billion for the quarter, compared to analysts' expectations of $11.87 billion. During the same period in the previous year, the firm posted $0.45 EPS. The business's revenue for the quarter was up 47.9% compared to the same quarter last year. Analysts expect that Cenovus Energy Inc will post 4.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on CVE shares. Zacks Research upgraded shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 28th. Gerdes Energy Research raised shares of Cenovus Energy from a "neutral" rating to a "buy" rating and set a $50.00 target price on the stock in a research note on Wednesday, September 2nd. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Royal Bank Of Canada upped their price target on shares of Cenovus Energy from $47.00 to $51.00 and gave the company an "outperform" rating in a research report on Thursday, July 30th. Finally, Wall Street Zen raised Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research note on Sunday, October 11th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $39.00.

Cenovus Energy Company Profile

Cenovus Energy Inc NYSE: CVE is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.

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