Caldwell Investment Management Ltd. Makes New Investment in Cenovus Energy Inc $CVE

Key Points

• Caldwell Investment Management purchased 74,800 shares of Cenovus Energy during the second quarter, valued at approximately $1.85 million and representing about 1.2% of its portfolio. Institutional investors collectively own 51.19% of the company.
• Cenovus reported quarterly earnings of $1.11 per share, in line with estimates, while revenue surged 47.9% year over year to $14.59 billion. The company also declared a quarterly dividend of $0.22 per share, implying a 2.7% annualized yield.
• Analysts maintain a generally positive view, with Cenovus carrying a consensus “Moderate Buy” rating and an average price target of $36.25, compared with a recent share price of $32.99.

Caldwell Investment Management Ltd. bought a new stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 74,800 shares of the oil and gas company's stock, valued at approximately $1,852,000. Cenovus Energy makes up approximately 1.2% of Caldwell Investment Management Ltd.'s investment portfolio, making the stock its 10th biggest position.

Several other hedge funds also recently modified their holdings of the stock. Transamerica Financial Advisors LLC lifted its holdings in Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 1,433 shares during the period. NBC Securities Inc. increased its position in shares of Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company's stock valued at $28,000 after purchasing an additional 1,500 shares during the last quarter. Gables Capital Management Inc. bought a new stake in shares of Cenovus Energy during the 2nd quarter worth $35,000. Kestra Advisory Services LLC bought a new stake in shares of Cenovus Energy during the 4th quarter worth $38,000. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock worth $44,000 after buying an additional 1,384 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at $32.99 on Friday. Cenovus Energy Inc has a fifty-two week low of $15.44 and a fifty-two week high of $33.40. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The stock has a market cap of $61.01 billion, a P/E ratio of 12.69 and a beta of 0.34. The firm's fifty day moving average price is $27.83 and its 200-day moving average price is $26.46.

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, meeting analysts' consensus estimates of $1.11. The business had revenue of $14.59 billion for the quarter, compared to analysts' expectations of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business's quarterly revenue was up 47.9% on a year-over-year basis. During the same period last year, the business earned $0.45 earnings per share. On average, equities research analysts expect that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal 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 paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy's dividend payout ratio is 24.62%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CVE shares. Zacks Research downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 16th. Weiss Ratings upgraded Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Desjardins raised shares of Cenovus Energy to a "moderate buy" rating in a report on Thursday, July 16th. Raymond James Financial lowered shares of Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price 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.

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