Quantitative Investment Management LLC Invests $1.41 Million in Cenovus Energy Inc $CVE

Quantitative Investment Management LLC purchased a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 57,016 shares of the oil and gas company’s stock, valued at approximately $1,414,000.

Other hedge funds have also recently modified their holdings of the company. Capital Research Global Investors raised its stake in Cenovus Energy by 16.6% during the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after purchasing an additional 17,730,542 shares during the period. Capital International Investors grew its stake in shares of Cenovus Energy by 3.9% in the 4th 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 during the period. FIL Ltd grew its stake in shares of Cenovus Energy by 40.0% in the 4th 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 during the period. Bank of America Corp DE increased its holdings in shares of Cenovus Energy by 111.2% during the 1st quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock worth $604,107,000 after buying an additional 11,990,405 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Cenovus Energy by 5.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 18,018,995 shares of the oil and gas company’s stock worth $304,894,000 after buying an additional 855,618 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $32.17 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The firm has a market cap of $59.50 billion, a P/E ratio of 12.37 and a beta of 0.34. The firm’s 50 day moving average price is $28.53 and its 200-day moving average price is $26.98. Cenovus Energy Inc has a one year low of $15.63 and a one year high of $33.40.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 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 return on equity of 21.08% and a net margin of 12.37%.Cenovus Energy’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same period last year, the business posted $0.45 EPS. As a group, equities research analysts predict that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid 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 2.7%. Cenovus Energy’s dividend payout ratio (DPR) is presently 24.62%.

Analysts Set New Price Targets

A number of research firms recently commented on CVE. Royal Bank Of Canada upped their price objective on Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. 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 research note on Thursday, July 30th. Zacks Research cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Finally, Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Cenovus Energy currently has an average rating of “Moderate Buy” and a consensus price target 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.