Main Street Financial Solutions LLC Invests $2.53 Million in Cenovus Energy Inc. (NYSE:CVE)

Main Street Financial Solutions LLC acquired a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the 3rd quarter, HoldingsChannel reports. The fund acquired 151,106 shares of the oil and gas company’s stock, valued at approximately $2,528,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in Cenovus Energy by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 48,563,284 shares of the oil and gas company’s stock valued at $970,780,000 after acquiring an additional 1,008,341 shares during the last quarter. Boston Partners boosted its holdings in shares of Cenovus Energy by 29.0% during the first quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after purchasing an additional 8,438,979 shares during the last quarter. Capital International Investors raised its position in shares of Cenovus Energy by 216.3% in the 1st quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock worth $678,250,000 after buying an additional 23,202,018 shares during the period. 1832 Asset Management L.P. raised its position in shares of Cenovus Energy by 81.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock worth $246,507,000 after buying an additional 5,613,320 shares during the period. Finally, Mackenzie Financial Corp raised its position in Cenovus Energy by 5.3% in the second quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock valued at $219,897,000 after purchasing an additional 562,663 shares during the period. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock traded down $0.31 during midday trading on Wednesday, hitting $15.43. The company had a trading volume of 3,454,787 shares, compared to its average volume of 8,828,334. The business’s 50 day simple moving average is $16.84 and its two-hundred day simple moving average is $18.60. The stock has a market cap of $28.23 billion, a PE ratio of 10.86 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 Inc. has a 1-year low of $14.69 and a 1-year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping 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 firm had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. During the same quarter in the previous year, the company earned $0.72 earnings per share. The business’s revenue was down 17.9% compared to the same quarter last year. As a group, equities analysts predict that Cenovus Energy Inc. will post 1.5 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.133 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s payout ratio is currently 36.55%.

Analyst Ratings Changes

CVE has been the subject of several recent analyst reports. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. BMO Capital Markets lowered their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Finally, TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Company Profile

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.