Summit Global Investments Buys 52,508 Shares of Cenovus Energy Inc. (NYSE:CVE)

Summit Global Investments boosted its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 66.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 131,460 shares of the oil and gas company’s stock after acquiring an additional 52,508 shares during the period. Summit Global Investments’ holdings in Cenovus Energy were worth $1,992,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CVE. Bridgewater Associates LP bought a new stake in Cenovus Energy in the third quarter valued at approximately $33,995,000. Anson Funds Management LP boosted its holdings in Cenovus Energy by 188.2% in the third quarter. Anson Funds Management LP now owns 1,877,800 shares of the oil and gas company’s stock valued at $31,405,000 after acquiring an additional 1,226,221 shares during the last quarter. Panview Capital Ltd bought a new stake in Cenovus Energy in the fourth quarter valued at approximately $16,741,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Cenovus Energy by 273.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,440,237 shares of the oil and gas company’s stock worth $21,821,000 after buying an additional 1,054,483 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Cenovus Energy by 23.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,980,853 shares of the oil and gas company’s stock worth $83,330,000 after buying an additional 952,477 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on CVE. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. National Bank Financial cut Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. Finally, Royal Bank of Canada cut their price target on Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cenovus Energy has an average rating of “Moderate Buy” and a consensus target price of $29.25.

Cenovus Energy Price Performance

Shares of CVE opened at $14.17 on Friday. Cenovus Energy Inc. has a 12-month low of $12.08 and a 12-month high of $21.90. The business’s fifty day moving average is $14.35 and its 200 day moving average is $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 stock 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 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $11.08 billion. Sell-side 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.1269 dividend. This represents a $0.51 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date is Friday, March 14th. Cenovus Energy’s payout ratio is currently 40.50%.

Cenovus Energy Profile

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.