Navellier & Associates Inc. Makes New $7.27 Million Investment in Cenovus Energy Inc $CVE

Navellier & Associates Inc. acquired a new position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 293,121 shares of the oil and gas company’s stock, valued at approximately $7,272,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its position in shares of Cenovus Energy by 574.8% in the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after buying an additional 18,405 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Cenovus Energy by 6.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock valued at $10,397,000 after buying an additional 44,125 shares during the last quarter. Prudential Financial Inc. bought a new stake in shares of Cenovus Energy during the 2nd quarter valued at about $525,000. EverSource Wealth Advisors LLC raised its stake in Cenovus Energy by 57.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 1,800 shares during the period. Finally, Marshall Wace LLP acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth approximately $495,000. Institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

CVE has been the topic of several analyst reports. Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Desjardins raised shares of Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Zacks Research downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. Finally, Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $36.25.

Cenovus Energy Trading Down 0.3%

Shares of CVE stock opened at $31.60 on Friday. Cenovus Energy Inc has a 1 year low of $15.63 and a 1 year high of $33.40. The firm has a market capitalization of $58.44 billion, a PE ratio of 12.15 and a beta of 0.34. The stock has a fifty day moving average of $28.40 and a two-hundred day moving average of $26.87. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting analysts’ consensus estimates of $1.11. The company had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same period last year, the company earned $0.45 earnings per share. As a group, research analysts expect that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend 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.