28,000 Shares in Cenovus Energy Inc $CVE Acquired by Spark Investment Management LLC

Spark Investment Management LLC bought a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 28,000 shares of the oil and gas company’s stock, valued at approximately $694,000. Cenovus Energy accounts for about 1.3% of Spark Investment Management LLC’s portfolio, making the stock its 21st biggest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. J.W. Cole Advisors Inc. boosted its position in Cenovus Energy by 3.9% during the 4th quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock worth $227,000 after acquiring an additional 500 shares during the period. OLD National Bancorp IN increased its holdings in shares of Cenovus Energy by 5.2% during the first quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company’s stock valued at $334,000 after purchasing an additional 618 shares during the period. IFP Advisors Inc raised its stake in shares of Cenovus Energy by 15.7% during the fourth quarter. IFP Advisors Inc now owns 4,839 shares of the oil and gas company’s stock valued at $82,000 after purchasing an additional 656 shares in the last quarter. CoreCap Advisors LLC raised its stake in shares of Cenovus Energy by 17.1% during the second quarter. CoreCap Advisors LLC now owns 4,710 shares of the oil and gas company’s stock valued at $117,000 after purchasing an additional 687 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its stake in shares of Cenovus Energy by 0.6% during the fourth quarter. Public Sector Pension Investment Board now owns 129,035 shares of the oil and gas company’s stock valued at $2,183,000 after purchasing an additional 706 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CVE. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. 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. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a research note on Wednesday, May 13th. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

Cenovus Energy Trading Up 2.6%

Shares of Cenovus Energy stock traded up $0.84 during trading on Tuesday, hitting $33.22. The stock had a trading volume of 6,135,687 shares, compared to its average volume of 10,729,909. Cenovus Energy Inc has a 1 year low of $15.63 and a 1 year high of $33.79. The stock has a 50 day simple moving average of $29.31 and a 200 day simple moving average of $27.37. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $61.19 billion, a PE ratio of 12.78 and a beta of 0.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The firm’s quarterly revenue was up 47.9% on a year-over-year basis. On average, research analysts expect that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is 24.62%.

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.