Parallel Advisors LLC Acquires 14,118 Shares of Cenovus Energy Inc $CVE

Parallel Advisors LLC grew its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 655.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,272 shares of the oil and gas company’s stock after buying an additional 14,118 shares during the period. Parallel Advisors LLC’s holdings in Cenovus Energy were worth $221,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CVE. Bruce G. Allen Investments LLC bought a new stake in shares of Cenovus Energy during the 1st quarter valued at $38,000. Cromwell Holdings LLC boosted its holdings in shares of Cenovus Energy by 1,165.1% during the 1st quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company’s stock valued at $42,000 after buying an additional 2,808 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Cenovus Energy during the 1st quarter valued at $42,000. Clarius Group LLC bought a new stake in shares of Cenovus Energy during the 1st quarter valued at $150,000. Finally, SeaBridge Investment Advisors LLC boosted its holdings in shares of Cenovus Energy by 10.0% during the 1st quarter. SeaBridge Investment Advisors LLC now owns 11,000 shares of the oil and gas company’s stock valued at $153,000 after buying an additional 1,000 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

CVE has been the topic of a number of research reports. National Bank Financial upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. Wall Street Zen upgraded shares of Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Sunday, August 3rd. Jefferies Financial Group reiterated a “buy” rating on shares of Cenovus Energy in a research note on Tuesday, September 2nd. Royal Bank Of Canada upped their price target on shares of Cenovus Energy from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. Finally, UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research note on Monday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy has a consensus rating of “Buy” and a consensus target price of $23.33.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $16.98 on Monday. The firm’s 50 day moving average price is $15.59 and its 200-day moving average price is $14.05. Cenovus Energy Inc has a twelve month low of $10.23 and a twelve month high of $18.61. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $30.35 billion, a PE ratio of 16.81 and a beta of 0.99.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.19. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The firm had revenue of $10.66 billion for the quarter, compared to analysts’ expectations of $10.64 billion. During the same quarter in the prior year, the business earned $0.62 EPS. The business’s quarterly revenue was down 12.6% on a year-over-year basis. Equities research analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Monday, September 15th. Cenovus Energy’s dividend payout ratio is 57.43%.

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.