Ieq Capital LLC Buys Shares of 64,144 Cenovus Energy Inc $CVE

Ieq Capital LLC purchased a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 64,144 shares of the oil and gas company’s stock, valued at approximately $1,591,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. J.W. Cole Advisors Inc. raised its stake in Cenovus Energy by 3.9% in the 4th quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock valued at $227,000 after acquiring an additional 500 shares during the period. Gateway Investment Advisers LLC increased its stake in shares of Cenovus Energy by 0.6% in the fourth quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company’s stock worth $1,590,000 after purchasing an additional 523 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Cenovus Energy by 0.9% in the fourth quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company’s stock valued at $1,104,000 after purchasing an additional 565 shares during the period. OLD National Bancorp IN raised its position in shares of Cenovus Energy by 5.2% in the first quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company’s stock valued at $334,000 after purchasing an additional 618 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in shares of Cenovus Energy by 24.4% during the 4th quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company’s stock valued at $56,000 after buying an additional 649 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $30.83 on Wednesday. The company has a 50 day moving average of $28.02 and a 200 day moving average of $26.67. The stock has a market cap of $57.02 billion, a P/E ratio of 11.86 and a beta of 0.34. Cenovus Energy Inc has a 12 month low of $15.63 and a 12 month high of $33.40. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. During the same quarter in the prior year, the firm posted $0.45 EPS. Cenovus Energy’s revenue was up 47.9% on a year-over-year basis. As a group, sell-side analysts forecast that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The company 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 $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 annualized dividend and a dividend yield of 2.9%. Cenovus Energy’s dividend payout ratio is presently 24.62%.

Analyst Upgrades and Downgrades

CVE has been the subject of a number of recent research reports. Raymond James Financial lowered shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Lake Street Capital set a $36.00 target price on Cenovus Energy in a research report on Wednesday, May 13th. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a report on Thursday, July 30th. The Goldman Sachs Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Finally, Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Cenovus Energy has a consensus rating of “Moderate Buy” and an average price target of $36.25.

About Cenovus Energy

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.