HighTower Advisors LLC Purchases 32,250 Shares of Cenovus Energy Inc $CVE

Key Points

• HighTower Advisors increased its Cenovus Energy position by 45.8% in the second quarter, purchasing 32,250 additional shares and bringing its total holdings to 102,666 shares valued at approximately $2.55 million. Institutional investors collectively own 51.19% of the company.
• Analyst sentiment remains favorable, with Cenovus receiving a “Moderate Buy” consensus rating and an average price target of $39.00. JPMorgan upgraded the stock to “overweight,” while RBC raised its target price to $51.00.
• Cenovus reported quarterly revenue of $14.59 billion, up 47.9% year over year, while matching earnings expectations at $1.11 per share. The company also declared a quarterly dividend of $0.22 per share, representing a 2.7% annualized yield.

HighTower Advisors LLC grew its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 45.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 102,666 shares of the oil and gas company's stock after buying an additional 32,250 shares during the quarter. HighTower Advisors LLC's holdings in Cenovus Energy were worth $2,547,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. J.W. Cole Advisors Inc. raised its holdings in Cenovus Energy by 3.9% in the 4th quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company's stock worth $227,000 after acquiring an additional 500 shares during the last quarter. OLD National Bancorp IN boosted its stake in Cenovus Energy by 5.2% during the 1st quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company's stock valued at $334,000 after purchasing an additional 618 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of Cenovus Energy by 15.7% in the 4th quarter. IFP Advisors Inc now owns 4,839 shares of the oil and gas company's stock worth $82,000 after purchasing an additional 656 shares in the last quarter. CoreCap Advisors LLC increased its holdings in shares of Cenovus Energy by 17.1% in the 2nd quarter. CoreCap Advisors LLC now owns 4,710 shares of the oil and gas company's stock worth $117,000 after purchasing an additional 687 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its holdings in shares of Cenovus Energy by 0.6% in the 4th quarter. Public Sector Pension Investment Board now owns 129,035 shares of the oil and gas company's stock worth $2,183,000 after purchasing an additional 706 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CVE. JPMorgan Chase & Co. raised Cenovus Energy from a "neutral" rating to an "overweight" rating in a report on Tuesday, September 8th. Scotiabank reiterated an "outperform" rating on shares of Cenovus Energy in a report on Thursday, July 30th. UBS Group downgraded Cenovus Energy from a "buy" rating to a "hold" rating in a report on Wednesday, September 2nd. Royal Bank Of Canada boosted their target price on Cenovus Energy from $47.00 to $51.00 and gave the stock an "outperform" rating in a research report on Thursday, July 30th. Finally, Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Cenovus Energy in a research note on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $39.00.

Cenovus Energy Price Performance

Shares of CVE opened at $33.08 on Friday. The firm has a fifty day simple moving average of $30.00 and a two-hundred day simple moving average of $27.63. The firm has a market cap of $60.94 billion, a PE ratio of 12.72 and a beta of 0.35. 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 released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.11. The firm had revenue of $14.59 billion for the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company's revenue for the quarter was up 47.9% on a year-over-year basis. During the same period last year, the business posted $0.45 EPS. On average, equities analysts anticipate that Cenovus Energy Inc will post 3.57 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is presently 24.62%.

About Cenovus Energy

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.

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