Magnetar Financial LLC Takes Position in Cenovus Energy Inc $CVE

Key Points

• Magnetar Financial LLC has acquired 15,081 shares of Cenovus Energy Inc., valued at approximately $210,000, during the first quarter of the year.
• Multiple institutional investors, including Vanguard Group and Mackenzie Financial Corp, have recently increased their stakes in Cenovus Energy, contributing to a total 51.19% institutional ownership of the stock.
• Cenovus Energy is set to pay a quarterly dividend of $0.20 per share on September 29th, 2023, which represents a 4.7% annualized dividend yield.

Magnetar Financial LLC acquired a new stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,081 shares of the oil and gas company's stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CVE. Vanguard Group Inc. lifted its stake in Cenovus Energy by 8.8% in the first quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company's stock worth $757,213,000 after acquiring an additional 4,401,045 shares during the last quarter. Mackenzie Financial Corp lifted its stake in 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 acquiring an additional 7,035,004 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Cenovus Energy by 33.6% in the first quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company's stock worth $241,513,000 after acquiring an additional 4,362,384 shares during the last quarter. Smead Capital Management Inc. lifted its stake in Cenovus Energy by 2.5% in the first quarter. Smead Capital Management Inc. now owns 15,495,912 shares of the oil and gas company's stock worth $215,418,000 after acquiring an additional 372,680 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Cenovus Energy by 40.2% in the first quarter. Invesco Ltd. now owns 11,281,543 shares of the oil and gas company's stock worth $156,926,000 after acquiring an additional 3,237,659 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Wall Street Analyst Weigh In

CVE has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Cenovus Energy from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. UBS Group reiterated a "buy" rating on shares of Cenovus Energy in a research note on Monday, August 25th. National Bankshares upgraded shares of Cenovus Energy from a "sector perform" rating to an "outperform" rating in a research note on Friday, August 22nd. Veritas downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Finally, Royal Bank Of Canada raised their price objective on shares of Cenovus Energy from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Two investment 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. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $23.33.

Cenovus Energy Stock Down 3.2%

CVE stock traded down $0.53 during midday trading on Friday, reaching $15.95. 13,087,844 shares of the company were exchanged, compared to its average volume of 13,236,959. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $18.61. The stock's 50-day simple moving average is $15.04 and its 200 day simple moving average is $13.81. The company has a market cap of $28.69 billion, a price-to-earnings ratio of 15.79 and a beta of 0.99.

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

Cenovus Energy Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Monday, September 15th. Cenovus Energy's payout ratio is presently 56.44%.

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.