Wetherby Asset Management Inc. purchased a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,124 shares of the oil and gas company’s stock, valued at approximately $104,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Marshall Wace LLP acquired a new position in shares of Cenovus Energy during the first quarter valued at $25,000. SeaBridge Investment Advisors LLC increased its holdings in shares of Cenovus Energy by 66.7% during the second quarter. SeaBridge Investment Advisors LLC now owns 5,000 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 2,000 shares during the period. Elkfork Partners LLC increased its holdings in shares of Cenovus Energy by 21.0% during the second quarter. Elkfork Partners LLC now owns 7,480 shares of the oil and gas company’s stock valued at $64,000 after purchasing an additional 1,298 shares during the period. Meadow Creek Investment Management LLC increased its holdings in shares of Cenovus Energy by 21.0% during the second quarter. Meadow Creek Investment Management LLC now owns 9,520 shares of the oil and gas company’s stock valued at $81,000 after purchasing an additional 1,652 shares during the period. Finally, United Services Automobile Association acquired a new position in shares of Cenovus Energy during the second quarter valued at $98,000. 76.93% of the stock is currently owned by institutional investors.
CVE has been the topic of a number of research analyst reports. AltaCorp Capital raised Cenovus Energy from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 31st. TheStreet raised Cenovus Energy from a “d+” rating to a “c” rating in a report on Wednesday. UBS Group raised their price target on Cenovus Energy from $12.50 to $13.00 and gave the company a “neutral” rating in a report on Thursday, October 3rd. Citigroup raised Cenovus Energy from a “neutral” rating to a “buy” rating in a report on Monday, October 7th. Finally, Morgan Stanley lowered Cenovus Energy from an “equal” rating to a “weight” rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. Cenovus Energy has an average rating of “Buy” and an average target price of $13.84.
NYSE:CVE traded down $0.03 during mid-day trading on Friday, reaching $9.17. 2,291,491 shares of the stock were exchanged, compared to its average volume of 4,178,879. The business has a fifty day moving average price of $8.92 and a 200 day moving average price of $8.90. The firm has a market capitalization of $11.13 billion, a PE ratio of -5.27, a PEG ratio of 1.21 and a beta of 0.94. Cenovus Energy Inc has a 1-year low of $6.15 and a 1-year high of $10.82. The company has a current ratio of 1.12, a quick ratio of 0.60 and a debt-to-equity ratio of 0.42.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, October 31st. The oil and gas company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.08. The firm had revenue of $4.70 billion for the quarter, compared to analyst estimates of $5.33 billion. Cenovus Energy had a negative return on equity of 5.76% and a net margin of 3.41%. Cenovus Energy’s revenue was down 20.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.20) earnings per share. On average, sell-side analysts forecast that Cenovus Energy Inc will post 0.46 earnings per share for the current year.
Cenovus Energy Profile
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake.
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