Quarry LP Takes Position in Cenovus Energy Inc. (NYSE:CVE)

Quarry LP acquired a new stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the third quarter, Holdings Channel.com reports. The firm acquired 30,814 shares of the oil and gas company’s stock, valued at approximately $516,000.

A number of other large investors have also made changes to their positions in the stock. Truvestments Capital LLC bought a new stake in Cenovus Energy in the third quarter valued at about $25,000. Blue Trust Inc. lifted its position in shares of Cenovus Energy by 640.3% during the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 2,651 shares in the last quarter. SevenBridge Financial Group LLC acquired a new position in shares of Cenovus Energy during the third quarter worth approximately $162,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Cenovus Energy by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after purchasing an additional 643 shares in the last quarter. Finally, Everpar Advisors LLC acquired a new position in Cenovus Energy in the second quarter valued at approximately $211,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Trading Up 0.9 %

CVE opened at $15.64 on Friday. The firm’s fifty day moving average is $16.52 and its two-hundred day moving average is $18.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The firm has a market cap of $28.57 billion, a PE ratio of 10.79 and a beta of 2.02. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.08. The company had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The business’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period last year, the business posted $0.72 earnings per share. Equities research analysts anticipate that Cenovus Energy Inc. will post 1.48 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.133 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 annualized dividend and a dividend yield of 3.40%. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CVE. TD Securities lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. BMO Capital Markets cut their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Thursday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Cenovus Energy presently has an average rating of “Moderate Buy” and an average target price of $30.00.

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.