Cenovus Energy Inc $CVE Shares Bought by PCJ Investment Counsel Ltd.

Key Points

• PCJ Investment Counsel Ltd. increased its stake in Cenovus by 413.0% in Q3, buying an additional 332,970 shares to hold 413,600 shares worth about $7.03 million, making CVE ~2.0% of PCJ’s holdings and its 15th-largest position.
• Cenovus beat EPS estimates in the latest quarter ($0.36 vs. $0.28) despite missing on revenue, and announced a quarterly dividend of $0.20 per share (annualized $0.80, ~3.5% yield) with ex-dividend on March 13 and payment on March 31.

PCJ Investment Counsel Ltd. grew its position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 413.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 413,600 shares of the oil and gas company's stock after acquiring an additional 332,970 shares during the quarter. Cenovus Energy makes up approximately 2.0% of PCJ Investment Counsel Ltd.'s holdings, making the stock its 15th largest position. PCJ Investment Counsel Ltd.'s holdings in Cenovus Energy were worth $7,025,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Atlantic Union Bankshares Corp bought a new position in Cenovus Energy during the second quarter worth $27,000. Allworth Financial LP increased its stake in Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company's stock valued at $31,000 after purchasing an additional 1,168 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock worth $44,000 after purchasing an additional 1,384 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Cenovus Energy by 57.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company's stock worth $67,000 after buying an additional 1,800 shares during the last quarter. Finally, Advisors Asset Management Inc. bought a new position in shares of Cenovus Energy in the 2nd quarter worth about $78,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Stock Down 0.8%

CVE stock opened at $22.63 on Wednesday. The stock has a market cap of $42.55 billion, a PE ratio of 14.79 and a beta of 0.43. The firm's 50-day simple moving average is $20.02 and its 200 day simple moving average is $18.23. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $23.89. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.08. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $10.89 billion. During the same period in the previous year, the business posted $0.07 EPS. As a group, sell-side analysts predict that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, March 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. Cenovus Energy's payout ratio is currently 37.25%.

Analyst Ratings Changes

CVE has been the subject of a number of recent research reports. Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a research report on Thursday, November 20th. Scotiabank raised shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, February 20th. TD Securities restated a "buy" rating on shares of Cenovus Energy in a research note on Friday, February 20th. Veritas raised Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday. Finally, Zacks Research cut Cenovus Energy from a "hold" rating to a "strong sell" rating in a research report on Friday, February 20th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $27.33.

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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