Bridgewater Associates LP Purchases Shares of 2,030,336 Cenovus Energy Inc. (NYSE:CVE)

Bridgewater Associates LP acquired a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,030,336 shares of the oil and gas company’s stock, valued at approximately $33,995,000. Bridgewater Associates LP owned approximately 0.11% of Cenovus Energy as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CVE. Boston Partners grew its holdings in Cenovus Energy by 29.0% during the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after acquiring an additional 8,438,979 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Cenovus Energy by 22,396.6% during the second quarter. Assenagon Asset Management S.A. now owns 7,429,036 shares of the oil and gas company’s stock worth $146,054,000 after purchasing an additional 7,396,013 shares in the last quarter. 1832 Asset Management L.P. increased its holdings in Cenovus Energy by 81.1% in the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock valued at $246,507,000 after buying an additional 5,613,320 shares during the last quarter. Acadian Asset Management LLC raised its stake in Cenovus Energy by 32,791.8% in the second quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company’s stock valued at $87,246,000 after buying an additional 4,426,891 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in Cenovus Energy by 2,236.1% during the 2nd quarter. Canada Pension Plan Investment Board now owns 4,610,779 shares of the oil and gas company’s stock worth $90,608,000 after buying an additional 4,413,405 shares during the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CVE has been the topic of a number of recent analyst reports. TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, BMO Capital Markets lowered their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $15.49 on Wednesday. The firm’s fifty day simple moving average is $16.72 and its 200-day simple moving average is $18.30. Cenovus Energy Inc. has a 12 month low of $14.69 and a 12 month high of $21.90. The stock has a market capitalization of $28.29 billion, a price-to-earnings ratio of 10.68 and a beta of 2.05. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The company had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same period in the previous year, the business posted $0.72 earnings per share. Cenovus Energy’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, equities analysts forecast that Cenovus Energy Inc. will post 1.5 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.133 per share. This represents a $0.53 dividend on an annualized basis and a yield of 3.43%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date is Friday, December 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 36.55%.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.