BlackRock Inc. Buys New Position in Cenovus Energy Inc $CVE

Key Points

• BlackRock acquired 7.39 million Cenovus Energy shares worth approximately $183.3 million during the second quarter, giving it a 0.40% stake. Institutional investors and hedge funds collectively own 51.19% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $36.25; recent actions included upgrades from Weiss Ratings and Desjardins.
• Cenovus reported quarterly EPS of $1.11 and revenue of $14.59 billion, up 47.9% year over year. The company declared a quarterly dividend of $0.22 per share, equivalent to a 2.8% annual yield.

BlackRock Inc. bought a new stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 7,389,302 shares of the oil and gas company's stock, valued at approximately $183,329,000. BlackRock Inc. owned approximately 0.40% of Cenovus Energy at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. J.W. Cole Advisors Inc. lifted its stake in shares of Cenovus Energy by 3.9% during the fourth quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company's stock valued at $227,000 after buying an additional 500 shares during the period. Gateway Investment Advisers LLC boosted its position in Cenovus Energy by 0.6% during the fourth quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company's stock worth $1,590,000 after acquiring an additional 523 shares during the last quarter. International Assets Investment Management LLC grew its stake in Cenovus Energy by 0.9% in the 4th quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company's stock worth $1,104,000 after acquiring an additional 565 shares during the period. OLD National Bancorp IN grew its stake in Cenovus Energy by 5.2% in the 1st quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company's stock worth $334,000 after acquiring an additional 618 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in Cenovus Energy by 24.4% in the 4th quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company's stock valued at $56,000 after acquiring an additional 649 shares during the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CVE. Zacks Research lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 16th. Weiss Ratings raised Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Scotiabank reiterated an "outperform" rating on shares of Cenovus Energy in a research note on Thursday, July 30th. Desjardins upgraded Cenovus Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Cenovus Energy has an average rating of "Moderate Buy" and a consensus price target of $36.25.

Cenovus Energy Stock Performance

NYSE:CVE opened at $31.71 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The company has a market cap of $58.65 billion, a P/E ratio of 12.20 and a beta of 0.34. Cenovus Energy Inc has a fifty-two week low of $15.63 and a fifty-two week high of $33.40. The firm's 50 day moving average is $28.27 and its two-hundred day moving average is $26.83.

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

Cenovus Energy Dividend Announcement

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. This represents a $0.88 dividend on an annualized basis and a yield of 2.8%. 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.

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