Korea Investment CORP Invests $26.66 Million in Cenovus Energy Inc $CVE

Korea Investment CORP acquired a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,074,687 shares of the oil and gas company’s stock, valued at approximately $26,656,000. Korea Investment CORP owned approximately 0.06% of Cenovus Energy as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CVE. Ieq Capital LLC bought a new stake in Cenovus Energy in the second quarter worth $1,591,000. Callan Family Office LLC bought a new position in shares of Cenovus Energy during the second quarter valued at $592,000. C M Bidwell & Associates Ltd. purchased a new position in shares of Cenovus Energy in the 2nd quarter worth about $194,000. Caldwell Investment Management Ltd. purchased a new position in shares of Cenovus Energy in the 2nd quarter worth about $1,852,000. Finally, Allworth Financial LP bought a new position in Cenovus Energy in the 2nd quarter worth about $68,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CVE. Zacks Research downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Royal Bank Of Canada increased their price target on shares of Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Raymond James Financial lowered shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $36.25.

Cenovus Energy Stock Performance

Shares of NYSE CVE opened at $32.99 on Friday. The firm’s 50-day moving average price is $27.83 and its 200-day moving average price is $26.46. 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 cap of $61.01 billion, a PE ratio of 12.69 and a beta of 0.34. Cenovus Energy Inc has a 52-week low of $15.44 and a 52-week high of $33.40.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. The firm had revenue of $14.59 billion during the quarter, compared to analysts’ expectations of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm’s quarterly revenue was up 47.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 earnings per share. As a group, analysts anticipate that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. Cenovus Energy’s payout ratio is currently 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.