Summerhill Capital Management lnc. Buys New Shares in Cenovus Energy Inc $CVE

Summerhill Capital Management lnc. acquired a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 82,822 shares of the oil and gas company’s stock, valued at approximately $2,194,000. Cenovus Energy accounts for approximately 1.9% of Summerhill Capital Management lnc.’s holdings, making the stock its 17th largest holding.

Other institutional investors have also modified their holdings of the company. Fruth Investment Management purchased a new stake in Cenovus Energy during the first quarter worth approximately $234,000. OLD National Bancorp IN increased its holdings in Cenovus Energy by 5.2% during the 1st quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company’s stock worth $334,000 after purchasing an additional 618 shares during the last quarter. Ritholtz Wealth Management increased its stake in shares of Cenovus Energy by 9.9% in the first quarter. Ritholtz Wealth Management now owns 14,178 shares of the oil and gas company’s stock worth $376,000 after buying an additional 1,278 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Cenovus Energy in the 1st quarter worth about $295,000. Finally, PKO Investment Management Joint Stock Co increased its holdings in Cenovus Energy by 34.8% in the first quarter. PKO Investment Management Joint Stock Co now owns 46,500 shares of the oil and gas company’s stock valued at $1,232,000 after buying an additional 12,000 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a research report on Wednesday, May 13th. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, May 7th. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.25.

Cenovus Energy Trading Up 0.5%

NYSE:CVE opened at $24.80 on Friday. Cenovus Energy Inc has a 1 year low of $13.47 and a 1 year high of $32.07. The stock has a market cap of $46.15 billion, a price-to-earnings ratio of 13.63 and a beta of 0.34. The business has a fifty day moving average of $27.93 and a 200-day moving average of $23.43. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The company had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. During the same period last year, the company earned $0.47 earnings per share. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. Equities analysts predict that Cenovus Energy Inc will post 3.15 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio is 35.16%.

Cenovus Energy 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.