International Assets Investment Management LLC Grows Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)
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International Assets Investment Management LLC raised its position in shares of Cenovus Energy Inc. (NYSE:CVE – Free Report) (TSE:CVE) by 1,925.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 425,691 shares of the oil and gas company’s stock after buying an additional 404,671 shares during the quarter. International Assets Investment Management LLC’s holdings in Cenovus Energy were worth $70,880,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of CVE. Bornite Capital Management LP lifted its position in shares of Cenovus Energy by 20.0% during the first quarter. Bornite Capital Management LP now owns 3,000,000 shares of the oil and gas company’s stock valued at $50,040,000 after buying an additional 500,000 shares during the last quarter. Raymond James & Associates lifted its position in shares of Cenovus Energy by 48.6% during the first quarter. Raymond James & Associates now owns 130,378 shares of the oil and gas company’s stock valued at $2,175,000 after buying an additional 42,646 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Cenovus Energy by 0.5% in the 1st quarter. Bank of New York Mellon Corp now owns 1,471,933 shares of the oil and gas company’s stock valued at $24,551,000 after purchasing an additional 7,624 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Cenovus Energy by 25.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 23,944 shares of the oil and gas company’s stock valued at $399,000 after purchasing an additional 4,806 shares during the last quarter. Finally, Natixis Advisors L.P. raised its position in shares of Cenovus Energy by 11.6% in the 1st quarter. Natixis Advisors L.P. now owns 49,549 shares of the oil and gas company’s stock valued at $826,000 after purchasing an additional 5,150 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities analysts recently commented on CVE shares. Morgan Stanley increased their price objective on shares of Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $28.00 price objective on shares of Cenovus Energy in a research report on Friday, January 26th. Finally, UBS Group raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating in a research report on Friday, February 23rd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average target price of $26.67.
Check Out Our Latest Research Report on Cenovus Energy
Cenovus Energy Price Performance
Shares of NYSE:CVE opened at $21.38 on Friday. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.46. The company’s 50 day moving average is $17.98 and its 200 day moving average is $17.95. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.25. The company has a market cap of $39.90 billion, a PE ratio of 13.53 and a beta of 2.15.
Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.04. Cenovus Energy had a net margin of 7.88% and a return on equity of 14.85%. The company had revenue of $9.65 billion for the quarter, compared to the consensus estimate of $9.73 billion. During the same quarter in the prior year, the company earned $0.29 EPS. On average, sell-side analysts forecast that Cenovus Energy Inc. will post 1.73 EPS for the current year.
Cenovus Energy Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.1033 dividend. This represents a $0.41 annualized dividend and a yield of 1.93%. The ex-dividend date was Thursday, March 14th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.10. Cenovus Energy’s dividend payout ratio is 25.95%.
Cenovus Energy Company Profile
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.
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