Olympiad Research LP Makes New Investment in Cenovus Energy Inc. (NYSE:CVE)

Olympiad Research LP acquired a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 22,707 shares of the oil and gas company’s stock, valued at approximately $380,000.

A number of other large investors have also recently bought and sold shares of the company. SVB Wealth LLC grew its stake in Cenovus Energy by 2.6% during the first quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock worth $394,000 after buying an additional 507 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of 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 valued at $170,000 after purchasing an additional 643 shares in the last quarter. Cetera Advisors LLC boosted its stake in shares of Cenovus Energy by 5.2% in the 1st quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after purchasing an additional 801 shares in the last quarter. First Hawaiian Bank boosted its stake in shares of Cenovus Energy by 1.6% in the 2nd quarter. First Hawaiian Bank now owns 69,273 shares of the oil and gas company’s stock valued at $1,362,000 after purchasing an additional 1,071 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in shares of Cenovus Energy by 12.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company’s stock valued at $226,000 after purchasing an additional 1,229 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Stock Up 1.0 %

Cenovus Energy stock opened at $16.35 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy Inc. has a 52-week low of $14.69 and a 52-week high of $21.90. The firm has a 50 day moving average price of $16.98 and a two-hundred day moving average price of $18.75. The firm has a market cap of $29.90 billion, a price-to-earnings ratio of 11.27 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $10.25 billion. During the same quarter last year, the business earned $0.72 EPS. The company’s revenue was down 17.9% compared to the same quarter last year. Equities analysts predict that Cenovus Energy Inc. will post 1.63 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently declared 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 positive change 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 3.25%. Cenovus Energy’s dividend payout ratio (DPR) is presently 36.55%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in 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 shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Tuesday. Scotiabank reduced their price target on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Finally, BMO Capital Markets cut their target price 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. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.00.

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.