ExodusPoint Capital Management LP Makes New $20.06 Million Investment in Cenovus Energy Inc. (NYSE:CVE)

ExodusPoint Capital Management LP purchased a new position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 1,181,250 shares of the oil and gas company’s stock, valued at approximately $20,058,000. ExodusPoint Capital Management LP owned 0.06% of Cenovus Energy as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in CVE. Bornite Capital Management LP increased its position in Cenovus Energy by 20.0% in the 1st quarter. Bornite Capital Management LP now owns 3,000,000 shares of the oil and gas company’s stock worth $50,040,000 after buying an additional 500,000 shares during the period. Raymond James & Associates grew its holdings in shares of Cenovus Energy by 48.6% during the 1st 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 in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Cenovus Energy by 0.5% during the 1st 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 in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Cenovus Energy by 25.1% during the 1st 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 in the last quarter. Finally, Natixis Advisors L.P. grew its holdings in shares of Cenovus Energy by 11.6% during the 1st 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 in the last quarter. 50.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CVE shares. Royal Bank of Canada lifted their price objective on Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, November 3rd. StockNews.com raised Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, November 15th. Finally, Scotiabank raised Cenovus Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday, September 6th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.88.

Cenovus Energy Trading Down 0.6 %

Shares of CVE opened at $18.06 on Tuesday. The stock has a fifty day moving average price of $19.70 and a two-hundred day moving average price of $18.44. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.82 and a current ratio of 1.49. Cenovus Energy Inc. has a 52-week low of $14.97 and a 52-week high of $21.37. The company has a market cap of $34.05 billion, a price-to-earnings ratio of 11.49 and a beta of 2.20.

Cenovus Energy Cuts Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.40 annualized dividend and a yield of 2.23%. Cenovus Energy’s payout ratio is 25.32%.

Cenovus Energy Company 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.