CenterBook Partners LP Invests $597,000 in Cenovus Energy Inc (NYSE:CVE)

CenterBook Partners LP acquired a new stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 42,897 shares of the oil and gas company's stock, valued at approximately $597,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CVE. Raymond James Financial Inc. bought a new stake in shares of Cenovus Energy in the fourth quarter worth about $3,649,000. Sequoia Financial Advisors LLC grew its holdings in shares of Cenovus Energy by 19.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 19,966 shares of the oil and gas company's stock worth $302,000 after buying an additional 3,320 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Cenovus Energy by 104.9% during the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company's stock worth $25,000 after buying an additional 851 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Cenovus Energy by 34.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 14,835 shares of the oil and gas company's stock worth $225,000 after buying an additional 3,827 shares in the last quarter. Finally, Corient Private Wealth LLC grew its holdings in shares of Cenovus Energy by 33.6% during the fourth quarter. Corient Private Wealth LLC now owns 69,627 shares of the oil and gas company's stock worth $1,055,000 after buying an additional 17,529 shares in the last quarter. Institutional investors own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

CVE has been the subject of several recent research reports. The Goldman Sachs Group reduced their price target on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Royal Bank Of Canada reissued an "outperform" rating and set a $25.00 price target on shares of Cenovus Energy in a research report on Friday, April 11th. Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Morgan Stanley reissued an "overweight" rating on shares of Cenovus Energy in a research report on Tuesday, April 15th. Finally, National Bankshares reissued a "sector perform" rating on shares of Cenovus Energy in a research report on Friday, April 25th. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cenovus Energy has a consensus rating of "Moderate Buy" and a consensus price target of $23.00.

Cenovus Energy Price Performance

Cenovus Energy stock traded up $0.03 during mid-day trading on Friday, reaching $14.07. 10,698,040 shares of the company were exchanged, compared to its average volume of 9,974,930. The company has a fifty day simple moving average of $13.93 and a 200-day simple moving average of $13.74. Cenovus Energy Inc has a 12 month low of $10.23 and a 12 month high of $20.40. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.46 and a quick ratio of 0.84. The firm has a market cap of $25.46 billion, a PE ratio of 13.15 and a beta of 0.93.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.03. Cenovus Energy had a return on equity of 9.56% and a net margin of 5.22%. The company had revenue of $11.15 billion for the quarter, compared to analyst estimates of $12.39 billion. During the same quarter last year, the company posted $0.62 EPS. As a group, equities research analysts expect that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently announced a dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, June 13th. This is an increase from Cenovus Energy's previous dividend of $0.11. This represents a yield of 4.25%. Cenovus Energy's payout ratio is presently 54.21%.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.