SIR Capital Management L.P. Makes New $16.73 Million Investment in Cenovus Energy Inc $CVE

Key Points

• SIR Capital Management purchased 674,191 Cenovus Energy shares worth approximately $16.73 million, making the position about 1.9% of its portfolio. Institutional investors collectively own 51.19% of the company.
• Cenovus reported quarterly EPS of $1.11, in line with estimates, while revenue reached $14.59 billion—up 47.9% year over year and above expectations.
• The company declared a quarterly dividend of $0.22, or $0.88 annually, implying a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $36.25.

SIR Capital Management L.P. purchased a new stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 674,191 shares of the oil and gas company's stock, valued at approximately $16,727,000. Cenovus Energy accounts for approximately 1.9% of SIR Capital Management L.P.'s holdings, making the stock its 13th largest holding.

Other large investors have also modified their holdings of the company. Capital Research Global Investors boosted its holdings in Cenovus Energy by 16.6% in the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company's stock valued at $2,103,090,000 after purchasing an additional 17,730,542 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in Cenovus Energy during the 2nd quarter worth about $423,886,000. GQG Partners LLC acquired a new stake in Cenovus Energy in the 2nd quarter valued at about $411,552,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Cenovus Energy in the 2nd quarter valued at about $355,752,000. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position 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 valued at $260,797,000 after purchasing an additional 12,564,179 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Cenovus Energy Stock Down 2.3%

CVE stock opened at $32.17 on Tuesday. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The company's 50-day moving average price is $27.93 and its 200 day moving average price is $26.60. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $33.40. The company has a market cap of $59.50 billion, a P/E ratio of 12.37 and a beta of 0.34.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.11. The company had revenue of $14.59 billion during 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 firm's quarterly revenue was up 47.9% compared to the same quarter last year. During the same period last year, the company posted $0.45 earnings per share. On average, research analysts expect that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

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 paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is presently 24.62%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. The Goldman Sachs Group reissued a "buy" rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Weiss Ratings raised Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Scotiabank restated an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. Finally, Zacks Research cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 16th. 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 stock. According to data from MarketBeat, Cenovus Energy 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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