Bristol Gate Capital Partners Inc. Makes New Investment in Cenovus Energy Inc $CVE

Bristol Gate Capital Partners Inc. purchased a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 19,581 shares of the oil and gas company’s stock, valued at approximately $486,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Hsbc Holdings PLC bought a new position in Cenovus Energy in the 2nd quarter worth approximately $325,000. EFG International AG bought a new stake in Cenovus Energy during the 2nd quarter valued at $1,044,000. PDT Partners LLC acquired a new position in Cenovus Energy during the 2nd quarter worth $8,114,000. Canada Pension Plan Investment Board bought a new position in shares of Cenovus Energy in the second quarter worth $261,811,000. Finally, SIR Capital Management L.P. acquired a new position in shares of Cenovus Energy during the second quarter valued at $16,727,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Zacks Research lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. The Goldman Sachs Group reiterated a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.25.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $30.83 on Wednesday. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $33.40. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The stock has a market cap of $57.02 billion, a PE ratio of 11.86 and a beta of 0.34. The company’s 50-day moving average price is $28.02 and its two-hundred day moving average price is $26.67.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. During the same quarter last year, the firm posted $0.45 EPS. The business’s revenue for the quarter was up 47.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is presently 24.62%.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.