Dynamic Technology Lab Private Ltd Makes New Investment in Cenovus Energy Inc $CVE

Key Points

• Dynamic Technology Lab Private Ltd acquired a new stake in Cenovus Energy Inc by purchasing 91,606 shares, valued at about $1,274,000 during the first quarter of the year.
• Several institutional investors increased their holdings in Cenovus Energy, with Mackenzie Financial Corp raising its stake by 56.5% and Vanguard Group increasing its holdings by 8.8%.
• Cenovus Energy announced a quarterly dividend of $0.20 per share, resulting in an annualized yield of 5.0%, with the ex-dividend date set for September 15th.

Dynamic Technology Lab Private Ltd purchased a new position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 91,606 shares of the oil and gas company's stock, valued at approximately $1,274,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Toronto Dominion Bank grew its stake in Cenovus Energy by 91.7% in the fourth quarter. Toronto Dominion Bank now owns 7,233,491 shares of the oil and gas company's stock worth $109,515,000 after purchasing an additional 3,460,311 shares during the period. Mackenzie Financial Corp grew its stake in Cenovus Energy by 56.5% in the first quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock worth $270,742,000 after purchasing an additional 7,035,004 shares during the period. Polar Asset Management Partners Inc. grew its stake in Cenovus Energy by 79.8% in the fourth quarter. Polar Asset Management Partners Inc. now owns 125,637 shares of the oil and gas company's stock worth $1,903,000 after purchasing an additional 55,780 shares during the period. Cambridge Investment Research Advisors Inc. grew its stake in Cenovus Energy by 185.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 48,103 shares of the oil and gas company's stock worth $669,000 after purchasing an additional 31,265 shares during the period. Finally, Lloyd Harbor Capital Management LLC purchased a new stake in shares of Cenovus Energy in the fourth quarter worth $9,090,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CVE has been the subject of several analyst reports. Jefferies Financial Group restated a "buy" rating on shares of Cenovus Energy in a report on Tuesday, September 2nd. UBS Group restated a "buy" rating on shares of Cenovus Energy in a report on Monday, August 25th. Wall Street Zen upgraded Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. National Bank Financial upgraded Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. Finally, National Bankshares restated an "outperform" rating on shares of Cenovus Energy in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $23.33.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock traded down $0.01 during trading on Friday, hitting $16.89. 28,727,279 shares of the company's stock traded hands, compared to its average volume of 14,035,722. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. Cenovus Energy Inc has a 1 year low of $10.23 and a 1 year high of $18.61. The stock has a market capitalization of $30.38 billion, a P/E ratio of 16.72 and a beta of 0.99. The business has a 50-day simple moving average of $15.31 and a 200-day simple moving average of $13.89.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.14 by $0.19. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.The company had revenue of $10.66 billion for the quarter, compared to analysts' expectations of $10.64 billion. During the same period last year, the firm posted $0.62 earnings per share. Cenovus Energy's revenue was down 12.6% compared to the same quarter last year. As a group, analysts forecast that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Monday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is presently 56.44%.

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.