Cenovus Energy Inc $CVE Shares Bought by Amundi

Key Points

• Amundi increased its stake in Cenovus Energy Inc by 1.4%, acquiring an additional 64,609 shares, bringing its total ownership to approximately 4.74 million shares worth $61.15 million.
• Analysts have positive sentiments around Cenovus Energy, with several upgrades including a shift from a "sell" to a "hold" rating and a price target increase from $25.00 to $26.00 by the Royal Bank of Canada.
• Cenovus Energy reported a quarterly earnings per share (EPS) of $0.33, exceeding expectations, while announcing a quarterly dividend of $0.20, reflecting a dividend yield of 5.0% and a payout ratio of 56.44%.

Amundi grew its position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 1.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,743,585 shares of the oil and gas company's stock after buying an additional 64,609 shares during the quarter. Amundi owned 0.26% of Cenovus Energy worth $61,145,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CVE. Bruce G. Allen Investments LLC purchased a new stake in shares of Cenovus Energy in the 1st quarter worth $38,000. Cromwell Holdings LLC lifted its holdings in shares of Cenovus Energy by 1,165.1% in the 1st quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock worth $42,000 after buying an additional 2,808 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Cenovus Energy in the 1st quarter worth $42,000. Clarius Group LLC purchased a new stake in shares of Cenovus Energy in the 1st quarter worth $150,000. Finally, SeaBridge Investment Advisors LLC lifted its holdings in shares of Cenovus Energy by 10.0% in the 1st quarter. SeaBridge Investment Advisors LLC now owns 11,000 shares of the oil and gas company's stock worth $153,000 after buying an additional 1,000 shares during the period. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Jefferies Financial Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Tuesday, September 2nd. UBS Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Monday, August 25th. Royal Bank Of Canada boosted their price target on Cenovus Energy from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. National Bank Financial raised Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. Finally, Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $23.33.

Cenovus Energy Stock Down 0.1%

Cenovus Energy stock traded down $0.01 during trading hours on Friday, reaching $16.89. The stock had a trading volume of 28,727,279 shares, compared to its average volume of 14,035,722. The company has a market cap of $30.38 billion, a price-to-earnings ratio of 16.72 and a beta of 0.99. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. The business's 50 day moving average price is $15.31 and its 200-day moving average price is $13.89. Cenovus Energy Inc has a 52 week low of $10.23 and a 52 week high of $18.61.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its earnings results on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. The business had revenue of $10.66 billion during the quarter, compared to the consensus estimate of $10.64 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The firm's revenue was down 12.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 earnings per share. Sell-side analysts anticipate that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Monday, September 15th. Cenovus Energy's dividend payout ratio is currently 57.43%.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.