Semanteon Capital Management LP Acquires New Position in Cenovus Energy Inc. (NYSE:CVE)

Semanteon Capital Management LP bought a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 50,528 shares of the oil and gas company’s stock, valued at approximately $845,000.

Other large investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake in shares of Cenovus Energy by 640.3% during the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 2,651 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Cenovus Energy by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after purchasing an additional 643 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Cenovus Energy during the first quarter worth about $205,000. Everpar Advisors LLC acquired a new position in shares of Cenovus Energy in the second quarter valued at approximately $211,000. Finally, FCG Investment Co purchased a new position in shares of Cenovus Energy during the third quarter valued at approximately $211,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Trading Down 3.1 %

CVE traded down $0.52 on Monday, reaching $16.38. 809,102 shares of the company’s stock were exchanged, compared to its average volume of 8,831,643. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.90. The company’s 50 day moving average is $17.47 and its 200-day moving average is $19.01. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66. The company has a market cap of $30.46 billion, a price-to-earnings ratio of 9.39 and a beta of 2.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.13). The business had revenue of $10.88 billion during the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. Equities analysts predict that Cenovus Energy Inc. will post 1.84 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a $0.132 dividend. This represents a $0.53 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Friday, September 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 29.44%.

Analysts Set New Price Targets

Several research firms have commented on CVE. TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Scotiabank dropped their target price on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. BMO Capital Markets reduced their target price on Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Finally, StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.75.

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.