Hillsdale Investment Management Inc. Purchases 98,803 Shares of Cenovus Energy Inc $CVE

Key Points

• Hillsdale Investment Management boosted its Cenovus Energy stake by 8.6% in the first quarter, buying 98,803 additional shares and bringing its total holdings to 1,243,918 shares worth about $33.0 million.
• Cenovus Energy reported strong quarterly results, with EPS of $0.61 topping estimates and revenue of $10.79 billion, while analysts currently expect full-year EPS of 3.02.
• The company raised its quarterly dividend to $0.22 per share from $0.20, and its stock has recently drawn mostly positive analyst sentiment with a consensus Buy rating and target price of $35.25.

Hillsdale Investment Management Inc. increased its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 8.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,243,918 shares of the oil and gas company's stock after buying an additional 98,803 shares during the period. Cenovus Energy comprises approximately 0.9% of Hillsdale Investment Management Inc.'s holdings, making the stock its 29th largest holding. Hillsdale Investment Management Inc. owned about 0.07% of Cenovus Energy worth $33,006,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in CVE. Jones Financial Companies Lllp increased its position in Cenovus Energy by 574.8% during the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company's stock valued at $301,000 after purchasing an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Cenovus Energy by 6.3% during 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. purchased a new position in Cenovus Energy during the second quarter valued at approximately $525,000. EverSource Wealth Advisors LLC increased its holdings in Cenovus Energy by 57.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company's stock valued at $67,000 after buying an additional 1,800 shares during the period. Finally, Marshall Wace LLP purchased a new position in Cenovus Energy during the second quarter valued at approximately $495,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Stock Up 4.6%

NYSE:CVE opened at $27.61 on Tuesday. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. Cenovus Energy Inc has a twelve month low of $13.90 and a twelve month high of $32.07. The company has a market cap of $51.37 billion, a PE ratio of 15.17 and a beta of 0.34. The company's 50 day moving average is $27.68 and its two-hundred day moving average is $24.10.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping 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 business had revenue of $10.79 billion during the quarter, compared to analysts' expectations of $9.47 billion. During the same quarter last year, the company posted $0.47 earnings per share. The business's quarterly revenue was up 1.0% on a year-over-year basis. Analysts anticipate that Cenovus Energy Inc will post 3.02 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.22 dividend. This is a boost from Cenovus Energy's previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, June 15th. Cenovus Energy's dividend payout ratio is currently 35.16%.

Analyst Ratings Changes

A number of research firms have weighed in on CVE. Weiss Ratings upgraded Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, July 7th. The Goldman Sachs Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Royal Bank Of Canada boosted their price target on Cenovus Energy from $45.00 to $47.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 19th. Wall Street Zen upgraded Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. Finally, Zacks Research downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock 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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