MQS Management LLC Takes $536,000 Position in Cenovus Energy Inc. (NYSE:CVE)

MQS Management LLC purchased a new stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the third quarter, Holdings Channel reports. The institutional investor purchased 32,057 shares of the oil and gas company’s stock, valued at approximately $536,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Blue Trust Inc. lifted its position in shares of Cenovus Energy by 640.3% during the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 2,651 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Cenovus Energy by 8.0% in the 2nd 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. Envestnet Portfolio Solutions Inc. acquired a new stake in Cenovus Energy during the 1st quarter worth about $205,000. Everpar Advisors LLC acquired a new position in shares of Cenovus Energy in the second quarter worth about $211,000. Finally, FCG Investment Co acquired a new stake in shares of Cenovus Energy during the third quarter valued at approximately $211,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $15.59 on Thursday. The firm has a market cap of $28.52 billion, a price-to-earnings ratio of 10.75 and a beta of 2.05. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The business has a fifty day simple moving average of $16.80 and a 200 day simple moving average of $18.58.

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. The company had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business’s quarterly revenue was down 17.9% on a year-over-year basis. During the same period last year, the business earned $0.72 EPS. As a group, sell-side analysts predict that Cenovus Energy Inc. will post 1.5 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.133 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.41%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio (DPR) is currently 36.55%.

Analysts Set New Price Targets

Several brokerages have issued reports on CVE. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Finally, BMO Capital Markets lowered their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus 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.