Vanguard Group Inc. Boosts Position in Cenovus Energy Inc. (CVE)
Vanguard Group Inc. boosted its position in shares of Cenovus Energy Inc. (NYSE:CVE) by 12.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,474,545 shares of the company’s stock after buying an additional 1,899,481 shares during the period. Vanguard Group Inc. owned about 2.10% of Cenovus Energy worth $241,498,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the stock. Bank of Montreal Can purchased a new stake in Cenovus Energy during the second quarter worth about $289,644,000. Goldman Sachs Group Inc. increased its stake in Cenovus Energy by 59.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,395,765 shares of the company’s stock worth $31,145,000 after buying an additional 890,838 shares during the period. Renaissance Technologies LLC increased its stake in Cenovus Energy by 184.8% in the first quarter. Renaissance Technologies LLC now owns 2,201,800 shares of the company’s stock worth $28,624,000 after buying an additional 1,428,700 shares during the period. Beutel Goodman & Co Ltd. increased its stake in Cenovus Energy by 11.3% in the second quarter. Beutel Goodman & Co Ltd. now owns 42,418,807 shares of the company’s stock worth $582,692,000 after buying an additional 4,305,355 shares during the period. Finally, British Columbia Investment Management Corp increased its stake in Cenovus Energy by 3.7% in the second quarter. British Columbia Investment Management Corp now owns 127,500 shares of the company’s stock worth $1,357,000 after buying an additional 4,500 shares during the period. 67.80% of the stock is owned by hedge funds and other institutional investors.
Shares of Cenovus Energy Inc. (NYSE:CVE) opened at 15.51 on Friday. The firm has a market cap of $12.92 billion, a PE ratio of 22.16 and a beta of 0.81. The firm’s 50-day moving average price is $14.39 and its 200 day moving average price is $14.38. Cenovus Energy Inc. has a 52 week low of $9.10 and a 52 week high of $16.81.
Cenovus Energy (NYSE:CVE) last posted its earnings results on Thursday, July 28th. The company reported ($0.05) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.09. Cenovus Energy had a net margin of 6.97% and a negative return on equity of 7.35%. During the same quarter in the prior year, the business earned $0.18 EPS. Equities analysts anticipate that Cenovus Energy Inc. will post ($0.59) EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were given a dividend of $0.0378 per share. This represents a $0.15 annualized dividend and a yield of 0.98%. The ex-dividend date of this dividend was Tuesday, September 13th. Cenovus Energy’s payout ratio is 20.83%.
CVE has been the subject of a number of research reports. Barclays PLC reissued an “overweight” rating and set a $24.00 price target on shares of Cenovus Energy in a research report on Monday. Bank of America Corp. initiated coverage on Cenovus Energy in a research report on Friday, August 19th. They set a “neutral” rating and a $17.00 price target for the company. Zacks Investment Research downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, September 28th. Nomura restated a “hold” rating on shares of Cenovus Energy in a research note on Monday, September 26th. Finally, Scotiabank restated an “outperform” rating and set a $20.00 price objective on shares of Cenovus Energy in a research note on Sunday, July 31st. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $20.00.
Cenovus Energy Company Profile
Cenovus Energy Inc is a Canada-based integrated oil company. It is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas. Its segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations. The Oil Sands segment includes the development and production of bitumen and natural gas in northeast Alberta.
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