Northwestern Mutual Wealth Management Co. Makes New $3.01 Million Investment in Cenovus Energy Inc $CVE

Key Points

• Northwestern Mutual Wealth Management acquired 121,500 Cenovus Energy shares in the second quarter, valued at approximately $3.01 million. Several other institutional investors also initiated positions, with institutions and hedge funds owning 51.19% of the stock.
• Cenovus reported quarterly earnings of $1.11 per share, matching estimates, while revenue rose 47.9% year over year to $14.59 billion. The company declared a quarterly dividend of $0.22 per share, equivalent to a 2.7% annual yield.
• Shares opened at $32.17, near their 52-week high of $33.40. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $36.25.

Northwestern Mutual Wealth Management Co. acquired a new position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 121,500 shares of the oil and gas company's stock, valued at approximately $3,014,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new stake in Cenovus Energy during the 2nd quarter worth about $2,417,000. X Square Capital LLC purchased a new stake in Cenovus Energy in the 2nd quarter worth approximately $665,000. Korea Investment CORP purchased a new stake in Cenovus Energy during the second quarter worth $26,656,000. Ieq Capital LLC purchased a new stake in shares of Cenovus Energy during the 2nd quarter worth about $1,591,000. Finally, Callan Family Office LLC purchased a new position in Cenovus Energy during the second quarter worth approximately $592,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Stock Down 2.3%

NYSE CVE opened at $32.17 on Tuesday. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $33.40. 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 business's fifty day simple moving average is $27.93 and its 200-day simple moving average is $26.60. The firm has a market cap of $59.50 billion, a PE ratio of 12.37 and a beta of 0.34.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. The firm had revenue of $14.59 billion for the quarter, compared to analysts' expectations of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company's revenue was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 EPS. As a group, equities analysts anticipate that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy's payout ratio is currently 24.62%.

Analysts Set New Price Targets

CVE has been the topic of several research analyst reports. Zacks Research lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 16th. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Weiss Ratings raised shares of Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. The Goldman Sachs Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Desjardins upgraded Cenovus Energy to a "moderate buy" rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $36.25.

Cenovus Energy 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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