160,000 Shares in Cenovus Energy Inc $CVE Acquired by Montaka Global Pty Ltd

Montaka Global Pty Ltd bought a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the third quarter, HoldingsChannel.com reports. The firm bought 160,000 shares of the oil and gas company’s stock, valued at approximately $4,973,000. Cenovus Energy makes up 2.0% of Montaka Global Pty Ltd’s portfolio, making the stock its 20th largest position.

A number of other hedge funds also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company purchased a new stake in shares of Cenovus Energy during the 2nd quarter worth $423,886,000. GQG Partners LLC purchased a new position in Cenovus Energy in the second quarter valued at about $411,552,000. Bank of America Corp DE purchased a new position in Cenovus Energy in the second quarter valued at about $369,701,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Cenovus Energy in the second quarter valued at about $355,752,000. Finally, Canada Pension Plan Investment Board bought a new position in Cenovus Energy in the second quarter worth about $261,811,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Up 0.3%

Shares of CVE opened at $27.68 on Wednesday. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $34.16. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $50.03 billion, a price-to-earnings ratio of 8.17 and a beta of 0.38. The stock’s 50-day moving average price is $31.76 and its 200-day moving average price is $27.75.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a C$0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $0.88 dividend on an annualized basis and a yield of 3.2%. Cenovus Energy’s payout ratio is presently 18.88%.

Analyst Upgrades and Downgrades

CVE has been the subject of several analyst reports. Raymond James Financial reissued an “outperform” rating on shares of Cenovus Energy in a research report on Wednesday, October 14th. Royal Bank Of Canada boosted their price objective on shares of Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. UBS Group cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research note on Wednesday, August 19th. Finally, Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Wednesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Buy” and an average price target of $39.00.

About Cenovus Energy

Cenovus Energy is an integrated energy company headquartered in Calgary, Alberta. Its activities include producing oil and natural gas, processing oil sands, refining crude oil and marketing energy products. The company’s upstream operations include oil sands and conventional assets in Western Canada, as well as offshore production. Its downstream business operates refineries in Canada and the United States, helping connect its production with markets for refined products. Cenovus was created in 2009 when Encana separated its integrated oil business.