Cenovus Energy Inc $CVE Stock Acquired by Triasima Portfolio Management inc.

Key Points

• Triasima Portfolio Management increased its Cenovus Energy stake by 20.1% in the third quarter, acquiring 64,959 additional shares for a total of 388,841 shares valued at approximately $12.1 million.
• Several other institutional investors also added to their positions, and hedge funds and institutions collectively own 51.19% of Cenovus Energy’s stock.
• Cenovus reported quarterly revenue of $14.59 billion, up 47.9% year over year, and maintains a quarterly dividend equivalent to a 2.8% annual yield. Analysts hold a consensus “Buy” rating with an average price target of $39, above the reported share price of $31.98.

Triasima Portfolio Management inc. boosted its holdings in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 20.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 388,841 shares of the oil and gas company's stock after acquiring an additional 64,959 shares during the quarter. Cenovus Energy accounts for about 1.6% of Triasima Portfolio Management inc.'s investment portfolio, making the stock its 21st biggest position. Triasima Portfolio Management inc.'s holdings in Cenovus Energy were worth $12,116,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. GK Wealth Management LLC acquired a new position in shares of Cenovus Energy in the 3rd quarter worth approximately $59,000. Pacifica Partners Inc. lifted its position in shares of Cenovus Energy by 3.8% during the 3rd quarter. Pacifica Partners Inc. now owns 185,441 shares of the oil and gas company's stock worth $5,849,000 after buying an additional 6,874 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Cenovus Energy by 23.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,993 shares of the oil and gas company's stock worth $155,000 after buying an additional 956 shares during the period. Moody National Bank Trust Division acquired a new stake in Cenovus Energy in the 3rd quarter valued at $203,000. Finally, Versant Capital Management Inc boosted its stake in Cenovus Energy by 990.9% in the 3rd quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company's stock valued at $34,000 after buying an additional 981 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $31.98 on Friday. The stock has a market capitalization of $58.27 billion, a price-to-earnings ratio of 12.30 and a beta of 0.46. The firm's 50-day moving average price is $31.86 and its two-hundred day moving average price is $29.05. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc has a 1-year low of $15.63 and a 1-year high of $34.16.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.11. The company had revenue of $14.59 billion during 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%. Cenovus Energy's quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 earnings per share. On average, equities analysts predict that Cenovus Energy Inc will post 4.12 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were given a dividend of C$0.22 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.8%. Cenovus Energy's dividend payout ratio is 24.62%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CVE shares. Scotiabank reiterated an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, July 30th. UBS Group lowered Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Wednesday, September 2nd. Zacks Research raised Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, September 28th. Royal Bank Of Canada lifted their price objective on Cenovus Energy from $47.00 to $51.00 and gave the company an "outperform" rating in a report on Thursday, July 30th. Finally, Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research note on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $39.00.

Cenovus Energy Profile

Cenovus Energy Inc NYSE: CVE is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.

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