Maryland State Retirement & Pension System Boosts Stock Holdings in Cenovus Energy Inc $CVE

Key Points

• Maryland State Retirement & Pension System increased its stake in Cenovus Energy by 48.4%, owning 278,759 shares worth $3.79 million after acquiring an additional 90,940 shares in the second quarter.
• Cenovus Energy reported a quarterly earnings per share (EPS) of $0.33, exceeding the consensus estimate of $0.14, despite a 12.6% decline in revenue compared to the same quarter last year.
• The company announced a quarterly dividend of $0.20 per share, translating to an annual yield of 4.4%, with a payout ratio of 57.43%.

Maryland State Retirement & Pension System raised its holdings in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 48.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 278,759 shares of the oil and gas company's stock after buying an additional 90,940 shares during the period. Maryland State Retirement & Pension System's holdings in Cenovus Energy were worth $3,792,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Mackenzie Financial Corp boosted its position in Cenovus Energy by 56.5% during the first quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock valued at $270,742,000 after buying an additional 7,035,004 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in Cenovus Energy by 185.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 48,103 shares of the oil and gas company's stock valued at $669,000 after buying an additional 31,265 shares during the period. U.S. Capital Wealth Advisors LLC boosted its position in Cenovus Energy by 68.2% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 655,133 shares of the oil and gas company's stock valued at $9,113,000 after buying an additional 265,638 shares during the period. CWA Asset Management Group LLC purchased a new stake in Cenovus Energy during the first quarter valued at about $1,907,000. Finally, 111 Capital boosted its position in Cenovus Energy by 75.6% during the second quarter. 111 Capital now owns 74,541 shares of the oil and gas company's stock valued at $1,015,000 after buying an additional 32,092 shares during the period. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at $18.11 on Friday. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average of $16.39 and a 200-day moving average of $14.42. The firm has a market cap of $32.37 billion, a P/E ratio of 17.93 and a beta of 0.92. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $18.61.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.14 by $0.19. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The business had revenue of $10.66 billion during the quarter, compared to analyst estimates of $10.64 billion. During the same period last year, the business posted $0.62 earnings per share. Cenovus Energy's quarterly revenue was down 12.6% compared to the same quarter last year. Sell-side analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were issued a $0.20 dividend. The ex-dividend date was Monday, September 15th. This represents a $0.80 annualized dividend and a yield of 4.4%. Cenovus Energy's dividend payout ratio (DPR) is 57.43%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CVE. National Bankshares restated an "outperform" rating on shares of Cenovus Energy in a research report on Wednesday, September 10th. Royal Bank Of Canada increased their target price 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. Weiss Ratings reiterated a "hold (c-)" rating on shares of Cenovus Energy in a report on Wednesday. Jefferies Financial Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Tuesday, September 2nd. Finally, UBS Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Monday, August 25th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $23.33.

Cenovus Energy Profile

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.

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