Bristol Gate Capital Partners Inc. Makes New $486,000 Investment in Cenovus Energy Inc $CVE

Bristol Gate Capital Partners Inc. acquired a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the second quarter, Holdings Channel reports. The fund acquired 19,581 shares of the oil and gas company’s stock, valued at approximately $486,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital Research Global Investors lifted its position in shares of Cenovus Energy by 16.6% in the 4th 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 acquiring an additional 17,730,542 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Cenovus Energy by 12.8% in the fourth quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock worth $1,074,660,000 after buying an additional 7,197,843 shares during the period. Capital International Investors grew its holdings in shares of Cenovus Energy by 3.9% during the fourth quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock valued at $862,505,000 after buying an additional 1,903,432 shares in the last quarter. FIL Ltd grew its holdings in shares of Cenovus Energy by 40.0% during the fourth quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock valued at $651,880,000 after buying an additional 11,019,212 shares in the last quarter. Finally, Bank of America Corp DE raised its position in Cenovus Energy by 111.2% during the first quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock valued at $604,107,000 after buying an additional 11,990,405 shares during the period. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Stock Performance

CVE stock opened at $30.83 on Wednesday. The firm has a 50 day moving average of $28.02 and a two-hundred day moving average of $26.67. Cenovus Energy Inc has a 12 month low of $15.63 and a 12 month high of $33.40. The company 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 quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.11. The business had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. Cenovus Energy’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 EPS. As a group, equities analysts anticipate that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a $0.22 dividend. 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 currently 24.62%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CVE shares. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Desjardins raised shares of Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Zacks Research downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Finally, Wall Street Zen raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. One investment 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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.