BTG Pactual Global Asset Management Ltd Invests $4.02 Million in Cenovus Energy Inc. (NYSE:CVE)

BTG Pactual Global Asset Management Ltd acquired a new position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 236,432 shares of the oil and gas company’s stock, valued at approximately $4,015,000. Cenovus Energy makes up 0.9% of BTG Pactual Global Asset Management Ltd’s holdings, making the stock its 16th largest holding.

A number of other hedge funds and other institutional investors also recently modified their holdings of CVE. Bornite Capital Management LP raised its position in shares of Cenovus Energy by 20.0% during the first quarter. Bornite Capital Management LP now owns 3,000,000 shares of the oil and gas company’s stock worth $50,040,000 after purchasing an additional 500,000 shares during the period. Raymond James & Associates raised its position in shares of Cenovus Energy by 48.6% during the first quarter. Raymond James & Associates now owns 130,378 shares of the oil and gas company’s stock worth $2,175,000 after purchasing an additional 42,646 shares during the period. Bank of New York Mellon Corp raised its position in shares of Cenovus Energy by 0.5% during the first quarter. Bank of New York Mellon Corp now owns 1,471,933 shares of the oil and gas company’s stock worth $24,551,000 after purchasing an additional 7,624 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in shares of Cenovus Energy by 25.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,944 shares of the oil and gas company’s stock worth $399,000 after purchasing an additional 4,806 shares during the period. Finally, Natixis Advisors L.P. raised its position in shares of Cenovus Energy by 11.6% during the first quarter. Natixis Advisors L.P. now owns 49,549 shares of the oil and gas company’s stock worth $826,000 after purchasing an additional 5,150 shares during the period. Institutional investors own 50.01% of the company’s stock.

Cenovus Energy Stock Up 3.4 %

Cenovus Energy stock traded up $0.60 during mid-day trading on Friday, hitting $18.07. The company’s stock had a trading volume of 9,156,912 shares, compared to its average volume of 7,521,158. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.49 and a quick ratio of 0.82. Cenovus Energy Inc. has a 52-week low of $14.97 and a 52-week high of $21.37. The firm’s 50 day moving average is $19.74 and its 200 day moving average is $18.39. The company has a market cap of $34.07 billion, a PE ratio of 11.44 and a beta of 2.20.

Cenovus Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a $0.1008 dividend. This represents a $0.40 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Thursday, December 14th. Cenovus Energy’s payout ratio is currently 25.95%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CVE. StockNews.com raised Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Wednesday. Royal Bank of Canada increased their price objective on Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, November 3rd. Finally, Scotiabank raised Cenovus Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday, September 6th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus price target of $31.88.

Cenovus Energy Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil and natural gas in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, and U.S. Manufacturing segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan.