Jupiter Topco LLC Takes $2.14 Million Position in Cenovus Energy Inc $CVE

Key Points

• Jupiter Topco LLC acquired 86,167 Cenovus Energy shares during the second quarter, valued at approximately $2.14 million. Institutional investors and hedge funds collectively own 51.19% of the company.
• Cenovus reported quarterly revenue of $14.59 billion, up 47.9% year over year, while earnings matched estimates at $1.11 per share. The company posted a 21.08% return on equity and a 12.37% net margin.
• The company declared a quarterly dividend of $0.22 per share, equivalent to an annualized $0.88 and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $39.00.

Jupiter Topco LLC acquired a new stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 86,167 shares of the oil and gas company's stock, valued at approximately $2,137,000.

Several other hedge funds have also recently bought and sold shares of CVE. J.W. Cole Advisors Inc. lifted its position in shares of Cenovus Energy by 3.9% in the fourth quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company's stock worth $227,000 after buying an additional 500 shares during the last quarter. Gateway Investment Advisers LLC increased its holdings in shares of Cenovus Energy by 0.6% during the 4th quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company's stock valued at $1,590,000 after acquiring an additional 523 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Cenovus Energy by 0.9% during the 4th quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company's stock valued at $1,104,000 after acquiring an additional 565 shares during the last quarter. OLD National Bancorp IN raised its stake in shares of Cenovus Energy by 5.2% in 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 acquiring an additional 618 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of Cenovus Energy by 24.4% in the 4th quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company's stock valued at $56,000 after acquiring an additional 649 shares in the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Stock Performance

CVE opened at $32.81 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The stock's 50 day moving average price is $29.01 and its two-hundred day moving average price is $27.22. The firm has a market capitalization of $60.45 billion, a P/E ratio of 12.62 and a beta of 0.35. Cenovus Energy Inc has a 12-month low of $15.63 and a 12-month high of $33.40.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, hitting analysts' consensus estimates of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. During the same period in the previous year, the company earned $0.45 earnings per share. The company's quarterly revenue was up 47.9% compared to the same quarter last year. On average, equities analysts forecast that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. Cenovus Energy's payout ratio is 24.62%.

Analyst Ratings Changes

A number of brokerages have issued reports on CVE. Desjardins raised Cenovus Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Weiss Ratings raised shares of Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Royal Bank Of Canada boosted their price objective on shares of Cenovus Energy from $47.00 to $51.00 and gave the stock an "outperform" rating in a research note on Thursday, July 30th. Scotiabank reaffirmed an "outperform" rating on shares of Cenovus Energy in a report on Thursday, July 30th. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $39.00.

About Cenovus Energy

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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