Kerrisdale Advisers LLC Boosts Stock Position in Cenovus Energy Inc $CVE

Kerrisdale Advisers LLC lifted its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 27.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 141,350 shares of the oil and gas company’s stock after acquiring an additional 30,400 shares during the period. Cenovus Energy makes up about 0.9% of Kerrisdale Advisers LLC’s holdings, making the stock its 21st largest holding. Kerrisdale Advisers LLC’s holdings in Cenovus Energy were worth $3,504,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Capital Research Global Investors lifted its holdings in Cenovus Energy by 16.6% during the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after purchasing an additional 17,730,542 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in Cenovus Energy in the 2nd quarter worth about $423,886,000. GQG Partners LLC purchased a new position in Cenovus Energy during the 2nd quarter valued at about $411,552,000. Bank of America Corp DE purchased a new position in Cenovus Energy during the 2nd quarter valued at about $369,701,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Cenovus Energy during the second quarter valued at about $355,752,000. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Stock Up 0.1%

Shares of NYSE CVE opened at $31.60 on Monday. Cenovus Energy Inc has a 12 month low of $15.63 and a 12 month high of $33.40. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $58.44 billion, a price-to-earnings ratio of 12.15 and a beta of 0.34. The business has a 50-day moving average of $28.40 and a 200-day moving average of $26.91.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. During the same period in the prior year, the business earned $0.45 earnings per share. Cenovus Energy’s revenue for the quarter was up 47.9% compared to the same quarter last year. Sell-side analysts expect that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.8%. Cenovus Energy’s dividend payout ratio is presently 24.62%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Cenovus Energy in a report on Thursday. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Finally, Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.25.

About Cenovus Energy

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.