Bridgewater Associates LP Increases Position in Cenovus Energy Inc (CVE)

Bridgewater Associates LP increased its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 16.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 506,183 shares of the oil and gas company’s stock after acquiring an additional 71,349 shares during the quarter. Bridgewater Associates LP’s holdings in Cenovus Energy were worth $5,079,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CVE. Bank of Nova Scotia increased its holdings in Cenovus Energy by 6.4% in the 2nd quarter. Bank of Nova Scotia now owns 3,775,862 shares of the oil and gas company’s stock valued at $39,058,000 after buying an additional 227,001 shares during the period. Oxbow Advisors LLC increased its holdings in Cenovus Energy by 3.2% in the 2nd quarter. Oxbow Advisors LLC now owns 228,160 shares of the oil and gas company’s stock valued at $2,368,000 after buying an additional 7,160 shares during the period. AMP Capital Investors Ltd increased its holdings in Cenovus Energy by 38.3% in the 2nd quarter. AMP Capital Investors Ltd now owns 521,267 shares of the oil and gas company’s stock valued at $5,409,000 after buying an additional 144,471 shares during the period. Luminus Management LLC increased its holdings in Cenovus Energy by 132.5% in the 2nd quarter. Luminus Management LLC now owns 2,557,500 shares of the oil and gas company’s stock valued at $26,553,000 after buying an additional 1,457,500 shares during the period. Finally, Natixis bought a new stake in Cenovus Energy in the 2nd quarter valued at $230,000. 72.94% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:CVE opened at $7.38 on Monday. Cenovus Energy Inc has a 52 week low of $6.89 and a 52 week high of $11.47. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 1.26. The firm has a market capitalization of $9.07 billion, a PE ratio of -369.00 and a beta of 0.76.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Wednesday, October 31st. The oil and gas company reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.32). Cenovus Energy had a negative net margin of 3.15% and a negative return on equity of 9.58%. The firm had revenue of $4.70 billion during the quarter, compared to analyst estimates of $4.44 billion. On average, sell-side analysts forecast that Cenovus Energy Inc will post -0.64 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 14th will be paid a $0.0382 dividend. This represents a $0.15 annualized dividend and a dividend yield of 2.07%. The ex-dividend date is Thursday, December 13th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s payout ratio is currently -750.00%.

Several brokerages have issued reports on CVE. Canaccord Genuity reissued a “hold” rating on shares of Cenovus Energy in a report on Tuesday, October 16th. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a report on Monday, September 10th. CIBC began coverage on shares of Cenovus Energy in a report on Friday, October 5th. They issued a “sector outperform” rating on the stock. TheStreet lowered shares of Cenovus Energy from a “c-” rating to a “d+” rating in a report on Tuesday, October 2nd. Finally, Goldman Sachs Group lowered shares of Cenovus Energy from a “neutral” rating to a “sell” rating in a report on Friday, September 7th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $12.65.

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Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.

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Institutional Ownership by Quarter for Cenovus Energy (NYSE:CVE)

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