Addenda Capital Inc. Boosts Stock Holdings in Cenovus Energy Inc $CVE

Addenda Capital Inc. increased its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 96.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 665,074 shares of the oil and gas company’s stock after buying an additional 326,139 shares during the period. Addenda Capital Inc.’s holdings in Cenovus Energy were worth $11,300,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fulton Bank N.A. raised its position in shares of Cenovus Energy by 4.4% in the second quarter. Fulton Bank N.A. now owns 19,201 shares of the oil and gas company’s stock worth $261,000 after acquiring an additional 809 shares during the period. OMERS ADMINISTRATION Corp grew its position in shares of Cenovus Energy by 1.1% during the 2nd quarter. OMERS ADMINISTRATION Corp now owns 101,257 shares of the oil and gas company’s stock valued at $1,375,000 after acquiring an additional 1,076 shares during the period. Allworth Financial LP increased its stake in shares of Cenovus Energy by 104.3% in the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 1,168 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in Cenovus Energy by 39.9% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,205 shares of the oil and gas company’s stock worth $57,000 after purchasing an additional 1,199 shares during the period. Finally, Virtus Investment Advisers LLC raised its holdings in Cenovus Energy by 12.8% in the 2nd quarter. Virtus Investment Advisers LLC now owns 11,727 shares of the oil and gas company’s stock worth $159,000 after purchasing an additional 1,332 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Trading Down 3.2%

Shares of CVE stock opened at $16.45 on Friday. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $18.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73. The stock’s fifty day moving average is $17.47 and its two-hundred day moving average is $16.10. The firm has a market capitalization of $30.99 billion, a P/E ratio of 13.48 and a beta of 0.52.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $10.87 billion during the quarter, compared to analyst estimates of $12.51 billion. Cenovus Energy had a net margin of 6.23% and a return on equity of 10.73%. The company’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.42 earnings per share. Research analysts expect that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a $0.20 dividend. The ex-dividend date is Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a yield of 4.9%. Cenovus Energy’s dividend payout ratio is presently 46.72%.

Analysts Set New Price Targets

CVE has been the topic of several research analyst reports. National Bankshares reissued an “outperform” rating on shares of Cenovus Energy in a report on Wednesday, September 10th. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Monday, August 25th. Zacks Research raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Jefferies Financial Group restated a “buy” rating on shares of Cenovus Energy in a research report on Tuesday, September 2nd. Finally, Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a report on Thursday, October 9th. Four investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $25.67.

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.