Gateway Investment Advisers LLC Grows Stock Holdings in Cenovus Energy Inc $CVE

Key Points

• Gateway Investment Advisers LLC has significantly increased its holdings in Cenovus Energy Inc by 194.7% in the second quarter, now owning 93,586 shares valued at approximately $1,273,000.
• Analysts remain positive on Cenovus Energy, with several firms upgrading their ratings and target prices, indicating a consensus average price target of $23.33 and a general rating of "Buy."
• Cenovus Energy has declared a quarterly dividend of $0.20 per share, resulting in an annualized yield of 4.6%, with the ex-dividend date set for September 15th.

Gateway Investment Advisers LLC raised its holdings in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 194.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 93,586 shares of the oil and gas company's stock after purchasing an additional 61,833 shares during the quarter. Gateway Investment Advisers LLC's holdings in Cenovus Energy were worth $1,273,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CVE. Mackenzie Financial Corp grew its holdings in shares of 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 last quarter. Polar Asset Management Partners Inc. boosted its position in Cenovus Energy by 79.8% in the 4th quarter. Polar Asset Management Partners Inc. now owns 125,637 shares of the oil and gas company's stock valued at $1,903,000 after buying an additional 55,780 shares during the period. Cambridge Investment Research Advisors Inc. grew its stake in Cenovus Energy by 185.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 48,103 shares of the oil and gas company's stock worth $669,000 after acquiring an additional 31,265 shares in the last quarter. U.S. Capital Wealth Advisors LLC grew its stake in Cenovus Energy by 68.2% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 655,133 shares of the oil and gas company's stock worth $9,113,000 after acquiring an additional 265,638 shares in the last quarter. Finally, CWA Asset Management Group LLC purchased a new position in shares of Cenovus Energy during the first quarter worth approximately $1,907,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Price Performance

Shares of NYSE CVE traded up $0.09 during mid-day trading on Monday, reaching $17.08. The company's stock had a trading volume of 23,611,033 shares, compared to its average volume of 16,880,758. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32. The stock has a 50-day moving average of $15.65 and a two-hundred day moving average of $14.08. 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 $30.53 billion, a P/E ratio of 16.91 and a beta of 0.99.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.19. The firm had revenue of $10.66 billion during the quarter, compared to analyst estimates of $10.64 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. Cenovus Energy's quarterly revenue was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.62 earnings per share. On average, equities research analysts anticipate that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Monday, September 15th. Cenovus Energy's dividend payout ratio is currently 57.43%.

Analyst Upgrades and Downgrades

CVE has been the subject of a number of research reports. National Bank Financial upgraded Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. National Bankshares reaffirmed an "outperform" rating on shares of Cenovus Energy in a research report on Wednesday, September 10th. Wall Street Zen upgraded Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Jefferies Financial Group restated a "buy" rating on shares of Cenovus Energy in a report on Tuesday, September 2nd. Finally, UBS Group restated a "buy" rating on shares of Cenovus Energy in a research note on Monday, August 25th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $23.33.

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.