Headlands Technologies LLC Buys New Position in Cenovus Energy Inc. (NYSE:CVE)

Headlands Technologies LLC purchased a new stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,959 shares of the oil and gas company’s stock, valued at approximately $33,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVE. Assenagon Asset Management S.A. grew its holdings in Cenovus Energy by 9,511.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 3,303,904 shares of the oil and gas company’s stock valued at $55,013,000 after buying an additional 3,269,531 shares during the period. Boston Partners grew its holdings in Cenovus Energy by 8.6% in the 3rd quarter. Boston Partners now owns 29,412,644 shares of the oil and gas company’s stock valued at $676,838,000 after buying an additional 2,325,082 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Cenovus Energy by 28.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,390,287 shares of the oil and gas company’s stock valued at $153,864,000 after buying an additional 1,653,090 shares during the period. L1 Capital Pty Ltd grew its holdings in Cenovus Energy by 17.5% in the 3rd quarter. L1 Capital Pty Ltd now owns 6,617,923 shares of the oil and gas company’s stock valued at $137,785,000 after buying an additional 984,272 shares during the period. Finally, Intact Investment Management Inc. grew its holdings in Cenovus Energy by 42.2% in the 3rd quarter. Intact Investment Management Inc. now owns 2,718,389 shares of the oil and gas company’s stock valued at $56,597,000 after buying an additional 807,002 shares during the period. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CVE shares. StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a report on Thursday, April 11th. UBS Group upgraded Cenovus Energy from a “neutral” rating to a “buy” rating in a report on Friday, February 23rd. Royal Bank of Canada reiterated an “outperform” rating and set a $28.00 target price on shares of Cenovus Energy in a report on Friday, January 26th. Finally, Morgan Stanley boosted their target price on Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $26.67.

Cenovus Energy Stock Up 1.2 %

NYSE CVE opened at $20.58 on Friday. The stock has a market cap of $38.38 billion, a PE ratio of 13.03 and a beta of 2.10. Cenovus Energy Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The business has a 50 day moving average price of $19.63 and a two-hundred day moving average price of $18.05. The company has a quick ratio of 0.91, a current ratio of 1.56 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. The firm had revenue of $9.65 billion during the quarter, compared to analysts’ expectations of $9.73 billion. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. During the same quarter in the prior year, the business earned $0.29 EPS. As a group, sell-side analysts predict that Cenovus Energy Inc. will post 1.88 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be issued a $0.0981 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 5.72%. The ex-dividend date of this dividend is Thursday, May 16th. Cenovus Energy’s dividend payout ratio is presently 25.95%.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.