57,111 Shares in Cenovus Energy Inc. (NYSE:CVE) Acquired by PDT Partners LLC

PDT Partners LLC purchased a new stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 57,111 shares of the oil and gas company’s stock, valued at approximately $955,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CVE. Assenagon Asset Management S.A. grew its position in shares of Cenovus Energy by 22,396.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 7,429,036 shares of the oil and gas company’s stock valued at $146,054,000 after buying an additional 7,396,013 shares during the last quarter. 1832 Asset Management L.P. grew its holdings in shares of Cenovus Energy by 81.1% during the second 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 purchasing an additional 5,613,320 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Cenovus Energy by 32,791.8% in the 2nd quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company’s stock valued at $87,246,000 after purchasing an additional 4,426,891 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Cenovus Energy by 2,236.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 4,610,779 shares of the oil and gas company’s stock valued at $90,608,000 after purchasing an additional 4,413,405 shares during the period. Finally, Smead Capital Management Inc. boosted its position in shares of Cenovus Energy by 39.3% in the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock valued at $257,831,000 after purchasing an additional 4,351,960 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CVE shares. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, November 26th. BMO Capital Markets reduced their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Stock Performance

Shares of CVE opened at $15.77 on Monday. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90. The stock has a market capitalization of $28.80 billion, a P/E ratio of 10.88 and a beta of 2.05. 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 company’s fifty day moving average is $16.62 and its two-hundred day moving average is $18.19.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $10.25 billion. During the same quarter last year, the firm earned $0.72 earnings per share. The firm’s revenue was down 17.9% compared to the same quarter last year. On average, sell-side analysts predict that Cenovus Energy Inc. will post 1.48 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a $0.133 dividend. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date is Friday, December 13th. This represents a $0.53 annualized dividend and a yield of 3.37%. Cenovus Energy’s dividend payout ratio is presently 36.55%.

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.