SCP Investment LP Invests $81,000 in Cenovus Energy Inc. (NYSE:CVE)

SCP Investment LP acquired a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 10,800 shares of the oil and gas company’s stock, valued at approximately $81,000. Cenovus Energy accounts for about 0.0% of SCP Investment LP’s portfolio, making the stock its 29th largest holding.

Other large investors have also added to or reduced their stakes in the company. Marshall Wace LLP bought a new position in shares of Cenovus Energy during the 1st quarter worth about $25,000. Fifth Third Bancorp lifted its holdings in Cenovus Energy by 104.9% during the 1st quarter. Fifth Third Bancorp now owns 3,823 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 1,957 shares during the last quarter. Atlas Capital Advisors LLC bought a new position in Cenovus Energy during the 1st quarter valued at about $43,000. Acadian Asset Management LLC bought a new position in Cenovus Energy during the 1st quarter valued at about $43,000. Finally, Stratos Wealth Partners LTD. bought a new position in Cenovus Energy during the 4th quarter valued at about $60,000. 52.82% of the stock is owned by institutional investors.

CVE has been the subject of several analyst reports. CIBC lifted their price target on shares of Cenovus Energy from $11.00 to $16.00 and gave the company an “outperform” rating in a report on Wednesday, March 10th. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a report on Tuesday. Desjardins raised shares of Cenovus Energy from a “hold” rating to a “buy” rating and lifted their price target for the company from $8.00 to $14.00 in a report on Friday, March 26th. Tudor Pickering restated a “buy” rating and issued a $12.00 price objective on shares of Cenovus Energy in a research report on Thursday, April 15th. Finally, Scotiabank upgraded shares of Cenovus Energy from a “sector perform” rating to an “outperform” rating in a research report on Thursday, April 15th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Cenovus Energy presently has an average rating of “Buy” and an average target price of $10.23.

Shares of NYSE:CVE traded down $0.04 during trading on Friday, hitting $10.04. 433,706 shares of the company’s stock were exchanged, compared to its average volume of 10,003,300. Cenovus Energy Inc. has a 1-year low of $3.15 and a 1-year high of $10.11. The company’s 50-day moving average is $8.08. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.82 and a current ratio of 1.36. The company has a market capitalization of $20.25 billion, a price-to-earnings ratio of -36.00 and a beta of 3.20.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, May 6th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.04). The firm had revenue of $7.52 billion for the quarter, compared to analyst estimates of $7.32 billion. Cenovus Energy had a negative net margin of 1.76% and a negative return on equity of 6.34%. During the same quarter in the prior year, the firm posted ($0.12) EPS. On average, research analysts predict that Cenovus Energy Inc. will post 0.62 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Investors of record on Tuesday, June 15th will be issued a dividend of $0.0144 per share. The ex-dividend date is Monday, June 14th. This represents a $0.06 dividend on an annualized basis and a yield of 0.57%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.01.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States and the Asia Pacific region. The company operates through Oil Sands, Conventional, and Refining and Marketing segments. The Oil Sands segment develops and produces bitumen in northeast Alberta.

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Institutional Ownership by Quarter for Cenovus Energy (NYSE:CVE)

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