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

Summit Global Investments lifted its position in shares of Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 66.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Pathstone Holdings LLC raised its position in shares of Cenovus Energy by 46.6% in the 3rd quarter. Pathstone Holdings LLC now owns 110,440 shares of the oil and gas company's stock worth $1,848,000 after acquiring an additional 35,105 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Cenovus Energy by 1.6% during the third quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company's stock worth $1,287,000 after purchasing an additional 1,209 shares during the period. Jennison Associates LLC bought a new stake in Cenovus Energy in the third quarter worth approximately $11,324,000. Massachusetts Financial Services Co. MA lifted its stake in Cenovus Energy by 23.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,980,853 shares of the oil and gas company's stock valued at $83,330,000 after buying an additional 952,477 shares during the period. Finally, Banco Santander S.A. bought a new position in shares of Cenovus Energy during the 3rd quarter worth approximately $491,000. Institutional investors own 51.19% of the company's stock.

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Cenovus Energy Stock Down 1.1 %

Shares of CVE traded down $0.16 on Thursday, reaching $14.09. The company's stock had a trading volume of 7,521,411 shares, compared to its average volume of 8,410,148. Cenovus Energy Inc. has a twelve month low of $12.08 and a twelve month high of $21.90. The stock has a market capitalization of $25.68 billion, a PE ratio of 11.64 and a beta of 1.99. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The firm has a fifty day moving average of $14.30 and a 200-day moving average of $15.46.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data 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). The company had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $11.08 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. Equities analysts predict that Cenovus Energy Inc. will post 1.49 EPS for the current year.

Cenovus Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.1269 per share. This represents a $0.51 annualized dividend and a yield of 3.60%. The ex-dividend date is Friday, March 14th. Cenovus Energy's dividend payout ratio (DPR) is presently 40.50%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CVE shares. National Bank Financial downgraded shares of Cenovus Energy from an "outperform" rating to a "sector perform" rating in a research report on Friday, February 21st. Morgan Stanley reiterated an "overweight" rating on shares of Cenovus Energy in a report on Wednesday. StockNews.com downgraded Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Saturday, December 28th. Scotiabank raised Cenovus Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. 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 analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $29.25.

Cenovus Energy Company 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.