Fore Capital LLC Acquires Shares of 65,000 Cenovus Energy Inc $CVE

Key Points

• Fore Capital LLC initiated a new position in Cenovus Energy, buying 65,000 shares worth about $1.1 million in the fourth quarter. The stake now makes up 0.4% of the firm’s portfolio and is its 20th largest holding.
• Cenovus reported better-than-expected quarterly results, posting EPS of $0.61 versus estimates of $0.56 and revenue of $10.79 billion versus $9.47 billion expected. The company also beat year-ago earnings and maintained solid profitability metrics.
• The company raised its quarterly dividend to $0.22 per share from $0.20, implying an annualized yield of 3.0%. Meanwhile, analysts remain mostly bullish, with a consensus rating of Buy and a target price of $35.25.

Fore Capital LLC bought a new position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 65,000 shares of the oil and gas company's stock, valued at approximately $1,100,000. Cenovus Energy accounts for 0.4% of Fore Capital LLC's investment portfolio, making the stock its 20th largest holding.

Several other hedge funds also recently bought and sold shares of CVE. Jones Financial Companies Lllp raised its holdings in shares of Cenovus Energy by 574.8% during the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company's stock worth $301,000 after acquiring an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Cenovus Energy by 6.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company's stock valued at $10,397,000 after purchasing an additional 44,125 shares in the last quarter. Prudential Financial Inc. bought a new position in Cenovus Energy in the second quarter valued at $525,000. EverSource Wealth Advisors LLC grew 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 valued at $67,000 after acquiring an additional 1,800 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of Cenovus Energy in the 2nd quarter valued at about $495,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Trading Up 0.9%

CVE opened at $29.76 on Friday. The company's 50 day moving average price is $27.83 and its two-hundred day moving average price is $22.50. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy Inc has a fifty-two week low of $13.03 and a fifty-two week high of $32.07. The firm has a market capitalization of $55.65 billion, a price-to-earnings ratio of 16.35 and a beta of 0.34.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. During the same period in the prior year, the firm posted $0.47 EPS. The company's quarterly revenue was up 1.0% on a year-over-year basis. As a group, research analysts predict that Cenovus Energy Inc will post 3.15 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Monday, June 15th. This is a boost from Cenovus Energy's previous quarterly dividend of $0.20. Cenovus Energy's dividend payout ratio is presently 32.42%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 9th. Raymond James Financial cut shares of Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a research note on Wednesday, May 6th. Scotiabank restated an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, May 7th. Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a research report on Wednesday, May 13th. Finally, Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from $45.00 to $47.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy presently has a consensus rating of "Buy" and a consensus target price of $35.25.

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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