Catalyst Capital Advisors LLC Takes $2.20 Million Position in Cenovus Energy Inc $CVE

Key Points

• Catalyst Capital Advisors LLC opened a new position in Cenovus Energy, buying 83,000 shares valued at about $2.2 million in the first quarter.
• Wall Street sentiment is generally positive: Cenovus has a Buy consensus rating and an average target price of $35.25, with several firms recently upgrading the stock.
• The company posted solid quarterly results, beating earnings and revenue estimates, and also raised its dividend to $0.22 per share quarterly, implying a 3.1% annual yield.

Catalyst Capital Advisors LLC acquired a new position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 83,000 shares of the oil and gas company's stock, valued at approximately $2,202,000.

A number of other institutional investors also recently bought and sold shares of CVE. Capital Research Global Investors increased its position in Cenovus Energy by 16.6% in the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company's stock worth $2,103,090,000 after buying an additional 17,730,542 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Cenovus Energy by 440.8% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 15,414,179 shares of the oil and gas company's stock valued at $260,797,000 after buying an additional 12,564,179 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Cenovus Energy by 322.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company's stock valued at $211,338,000 after buying an additional 11,849,355 shares in the last quarter. FIL Ltd grew its stake in shares of Cenovus Energy by 40.0% during the 4th quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company's stock valued at $651,880,000 after acquiring an additional 11,019,212 shares during the period. Finally, Vanguard Group Inc. increased its holdings in Cenovus Energy by 12.8% in the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company's stock worth $1,074,660,000 after acquiring an additional 7,197,843 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. Scotiabank raised Cenovus Energy to a "strong-buy" rating in a research report on Friday, June 26th. Zacks Research cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report 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, July 7th. Finally, The Goldman Sachs Group restated a "buy" rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Cenovus Energy has a consensus rating of "Buy" and a consensus target price of $35.25.

Cenovus Energy Price Performance

Shares of CVE stock opened at $27.97 on Friday. Cenovus Energy Inc has a fifty-two week low of $13.98 and a fifty-two week high of $32.07. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The firm has a market capitalization of $52.03 billion, a price-to-earnings ratio of 15.37 and a beta of 0.34. The stock's 50-day simple moving average is $27.56 and its 200-day simple moving average is $24.35.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. The firm had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. Cenovus Energy's revenue was up 1.0% on a year-over-year basis. During the same period last year, the firm posted $0.47 EPS. As a group, equities analysts forecast that Cenovus Energy Inc will post 2.91 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 3.1%. This is a boost from Cenovus Energy's previous quarterly dividend of $0.20. Cenovus Energy's payout ratio is 35.16%.

Cenovus Energy 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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