Cenovus Energy Inc $CVE Shares Newly Bought by Brookstone Capital Management

Key Points

• Brookstone Capital Management acquired 86,376 Cenovus Energy shares in the third quarter, valued at approximately $2.685 million. Institutional investors collectively own 51.19% of the company.
• Cenovus reported quarterly revenue of $14.59 billion, up 47.9% year over year, while earnings of $1.11 per share matched analyst expectations.
• The company pays a quarterly dividend of C$0.22 per share, representing an annualized yield of about 2.7%. Analysts maintain a consensus “Buy” rating with a $39 price target, compared with a recent share price of $32.84.

Brookstone Capital Management acquired a new position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 86,376 shares of the oil and gas company's stock, valued at approximately $2,685,000.

Several other institutional investors have also bought and sold shares of CVE. Bank of America Corp DE increased its stake in Cenovus Energy by 111.2% during the 1st quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company's stock valued at $604,107,000 after buying an additional 11,990,405 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Cenovus Energy by 13.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 17,730,316 shares of the oil and gas company's stock worth $470,118,000 after acquiring an additional 2,117,875 shares during the period. GQG Partners LLC acquired a new stake in shares of Cenovus Energy in the 2nd quarter worth approximately $411,552,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Cenovus Energy in the 2nd quarter worth approximately $355,752,000. Finally, TD Waterhouse Canada Inc. lifted its stake in shares of Cenovus Energy by 0.3% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 9,696,020 shares of the oil and gas company's stock worth $305,599,000 after acquiring an additional 32,151 shares during the period. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $32.84 on Monday. Cenovus Energy Inc has a twelve month low of $15.63 and a twelve month high of $34.16. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $59.65 billion, a price-to-earnings ratio of 12.63 and a beta of 0.46. The firm has a 50-day moving average of $32.22 and a two-hundred day moving average of $29.32.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. The company had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business's revenue for the quarter was up 47.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.45 EPS. As a group, analysts expect that Cenovus Energy Inc will post 4.12 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were issued a dividend of C$0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Tuesday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is presently 24.62%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CVE shares. Raymond James Financial reiterated an "outperform" rating on shares of Cenovus Energy in a research note on Wednesday, October 14th. Jefferies Financial Group reissued a "buy" rating on shares of Cenovus Energy in a report on Sunday, October 18th. Wall Street Zen upgraded Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research report on Sunday, October 11th. Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a research note on Wednesday, August 19th. Finally, Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, August 27th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $39.00.

Cenovus Energy Profile

Cenovus Energy Inc NYSE: CVE is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.

Want to see what other hedge funds are holding CVE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.