Erste Asset Management GmbH Purchases New Holdings in Cenovus Energy Inc $CVE

Erste Asset Management GmbH purchased a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 60,657 shares of the oil and gas company’s stock, valued at approximately $1,023,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ninepoint Partners LP lifted its stake in Cenovus Energy by 490.0% in the 3rd quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock valued at $60,145,000 after buying an additional 2,940,000 shares in the last quarter. Lighthouse Investment Partners LLC lifted its stake in Cenovus Energy by 29.1% in the 3rd quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock worth $8,216,000 after purchasing an additional 109,000 shares in the last quarter. Canoe Financial LP acquired a new stake in shares of Cenovus Energy during the 4th quarter worth approximately $102,662,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Cenovus Energy by 24.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock worth $303,470,000 after buying an additional 3,507,525 shares during the last quarter. Finally, TD Asset Management Inc increased its holdings in shares of Cenovus Energy by 3.6% during the 4th quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock worth $287,897,000 after buying an additional 595,518 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CVE shares. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 1st. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Finally, UBS Group restated a “buy” rating on shares of Cenovus Energy in a report on Thursday, April 9th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $35.25.

Cenovus Energy Stock Up 2.6%

Cenovus Energy stock opened at $28.38 on Thursday. Cenovus Energy Inc has a fifty-two week low of $13.47 and a fifty-two week high of $32.07. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The firm has a 50 day moving average price of $27.98 and a 200 day moving average price of $22.78. The company has a market capitalization of $53.06 billion, a PE ratio of 15.59 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. The business had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.47 earnings per share. Research analysts expect that Cenovus Energy Inc will post 3.15 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.1%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date is Monday, June 15th. Cenovus Energy’s payout ratio is presently 32.42%.

Cenovus Energy Company 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.