PDT Partners LLC Makes New $8.11 Million Investment in Cenovus Energy Inc $CVE

Key Points

• PDT Partners acquired 327,063 Cenovus Energy shares worth approximately $8.11 million in the second quarter. Institutional investors collectively own 51.19% of the company.
• Cenovus reported quarterly earnings of $1.11 per share, matching estimates, while revenue rose 47.9% year over year to $14.59 billion, above expectations.
• The company declared a quarterly dividend of $0.22 per share, equivalent to $0.88 annually and a 2.9% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $36.25.

PDT Partners LLC bought a new position in shares of 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 & Exchange Commission. The firm bought 327,063 shares of the oil and gas company's stock, valued at approximately $8,114,000.

A number of other institutional investors also recently modified their holdings of CVE. Gables Capital Management Inc. acquired a new stake in Cenovus Energy in the 2nd quarter worth about $35,000. Transamerica Financial Advisors LLC grew its position in shares of Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 1,433 shares in the last quarter. NBC Securities Inc. increased its holdings in shares of Cenovus Energy by 961.5% during the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company's stock worth $28,000 after purchasing an additional 1,500 shares during the period. Kestra Advisory Services LLC bought a new position in shares of Cenovus Energy during the fourth quarter worth approximately $38,000. Finally, Allworth Financial LP acquired a new stake in shares of Cenovus Energy in the second quarter valued at approximately $68,000. Institutional investors own 51.19% of the company's stock.

Cenovus Energy Stock Performance

Shares of NYSE:CVE opened at $30.83 on Wednesday. The company's 50 day simple moving average is $28.02 and its 200 day simple moving average is $26.67. The stock has a market capitalization of $57.02 billion, a price-to-earnings ratio of 11.86 and a beta of 0.34. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. Cenovus Energy Inc has a 1 year low of $15.63 and a 1 year high of $33.40.

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

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued 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 dividend yield of 2.9%. Cenovus Energy's payout ratio is 24.62%.

Analyst Upgrades and Downgrades

CVE has been the subject of several recent research reports. Zacks Research cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 16th. Raymond James Financial lowered Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a research note on Wednesday, May 6th. Desjardins upgraded Cenovus Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Weiss Ratings raised Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Finally, Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Cenovus Energy has a consensus rating of "Moderate Buy" and an average target price of $36.25.

Cenovus Energy Company 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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