Summit Global Investments Grows Position in Cenovus Energy Inc. (NYSE:CVE)

Summit Global Investments boosted its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 66.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 131,460 shares of the oil and gas company’s stock after buying an additional 52,508 shares during the quarter. Summit Global Investments’ holdings in Cenovus Energy were worth $1,992,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Truvestments Capital LLC purchased a new stake in shares of Cenovus Energy during the 3rd quarter valued at $25,000. Farther Finance Advisors LLC increased its position in shares of Cenovus Energy by 104.9% during the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 851 shares during the last quarter. Sierra Ocean LLC purchased a new stake in shares of Cenovus Energy during the 4th quarter valued at $67,000. Blue Trust Inc. increased its position in shares of Cenovus Energy by 54.7% during the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after purchasing an additional 1,677 shares during the last quarter. Finally, SevenBridge Financial Group LLC purchased a new stake in shares of Cenovus Energy during the 3rd quarter valued at $162,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Stock Up 1.0 %

Shares of NYSE CVE opened at $14.17 on Friday. Cenovus Energy Inc. has a 52 week low of $12.08 and a 52 week high of $21.90. The business has a 50-day simple moving average of $14.35 and a two-hundred day simple moving average of $15.52. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The company has a market cap of $25.82 billion, a P/E ratio of 11.71 and a beta of 1.99.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $11.08 billion. Research analysts anticipate that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.1269 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.51 annualized dividend and a yield of 3.58%. Cenovus Energy’s dividend payout ratio is currently 40.50%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Royal Bank of Canada cut their price target on Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. Finally, National Bank Financial downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.25.

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.