NewGen Asset Management Ltd Makes New $4.92 Million Investment in Cenovus Energy Inc $CVE

Key Points

• NewGen Asset Management opened a new position in Cenovus Energy during the fourth quarter, buying 290,500 shares valued at about $4.92 million. The stake represents roughly 3.0% of NewGen’s portfolio.
• Cenovus reported stronger-than-expected quarterly results, with EPS of $0.61 versus the $0.56 consensus and revenue of $10.79 billion, beating estimates. Analysts now expect the company to earn 3.15 EPS for the current fiscal year.
• The company also raised its quarterly dividend to $0.22 per share, up from $0.20, implying an annualized yield of about 3.2%. Market sentiment remains positive, with an average analyst rating of Buy and a consensus price target of $35.25.

NewGen Asset Management Ltd acquired a new position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 290,500 shares of the oil and gas company's stock, valued at approximately $4,915,000. Cenovus Energy makes up 3.0% of NewGen Asset Management Ltd's investment portfolio, making the stock its 13th biggest position.

Several other institutional investors have also added to or reduced their stakes in the stock. Alberta Investment Management Corp raised its holdings in Cenovus Energy by 996.7% in the 4th quarter. Alberta Investment Management Corp now owns 5,518,825 shares of the oil and gas company's stock worth $93,367,000 after purchasing an additional 5,015,625 shares in the last quarter. MML Investors Services LLC raised its holdings in Cenovus Energy by 124.0% in the 4th quarter. MML Investors Services LLC now owns 112,182 shares of the oil and gas company's stock worth $1,898,000 after purchasing an additional 62,109 shares in the last quarter. Mufg Securities Canada LTD. raised its holdings in Cenovus Energy by 0.5% in the 4th quarter. Mufg Securities Canada LTD. now owns 2,094,102 shares of the oil and gas company's stock worth $35,435,000 after purchasing an additional 10,715 shares in the last quarter. Mariner LLC raised its holdings in Cenovus Energy by 5.0% in the 4th quarter. Mariner LLC now owns 91,411 shares of the oil and gas company's stock worth $1,547,000 after purchasing an additional 4,333 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Cenovus Energy by 440.8% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 15,414,179 shares of the oil and gas company's stock worth $260,797,000 after purchasing an additional 12,564,179 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CVE has been the subject of several research reports. Weiss Ratings upgraded shares of Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, June 1st. TD Securities reiterated a "buy" rating on shares of Cenovus Energy in a research note on Friday, February 20th. Raymond James Financial lowered shares of Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a research note on Wednesday, May 6th. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a research note on Wednesday, May 13th. Finally, Veritas upgraded shares of Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a research note on Tuesday, March 10th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Cenovus Energy presently has an average rating of "Buy" and an average price target of $35.25.

Cenovus Energy Stock Down 4.1%

Shares of Cenovus Energy stock opened at $27.11 on Tuesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. The company has a 50-day moving average of $28.08 and a 200 day moving average of $23.00. The firm has a market cap of $50.69 billion, a price-to-earnings ratio of 14.90 and a beta of 0.34. Cenovus Energy Inc has a 1 year low of $13.47 and a 1 year high of $32.07.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.05. The company had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. Cenovus Energy's quarterly revenue was up 1.0% compared to the same quarter last year. During the same period last year, the business earned $0.47 EPS. As a group, sell-side analysts anticipate that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 3.2%. This is an increase from Cenovus Energy's previous quarterly dividend of $0.20. Cenovus Energy's dividend payout ratio (DPR) is 32.42%.

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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