Cenovus Energy Inc $CVE Position Raised by Northwest & Ethical Investments L.P.

Northwest & Ethical Investments L.P. raised its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 47.2% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 450,103 shares of the oil and gas company’s stock after purchasing an additional 144,380 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Cenovus Energy were worth $6,148,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Cenovus Energy in the second quarter valued at $27,000. Ridgewood Investments LLC bought a new stake in Cenovus Energy in the second quarter worth about $27,000. Allworth Financial LP raised its position in Cenovus Energy by 104.3% in the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 1,168 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Cenovus Energy in the 1st quarter valued at about $42,000. Finally, Advisors Asset Management Inc. bought a new position in shares of Cenovus Energy during the 2nd quarter valued at about $78,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CVE shares. Royal Bank Of Canada boosted their target price on shares of Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Wall Street Zen upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. BMO Capital Markets set a $29.00 price target on Cenovus Energy in a report on Monday, November 17th. Jefferies Financial Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Tuesday, September 2nd. Finally, National Bank Financial upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. Four investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $25.67.

Cenovus Energy Price Performance

CVE opened at $17.57 on Thursday. Cenovus Energy Inc has a 12-month low of $10.23 and a 12-month high of $18.75. The firm has a market capitalization of $33.22 billion, a P/E ratio of 17.40 and a beta of 0.86. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.24. The stock has a fifty day moving average of $17.36 and a 200-day moving average of $15.66.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.The company had revenue of $10.87 billion for the quarter, compared to the consensus estimate of $12.51 billion. During the same quarter in the prior year, the company earned $0.42 EPS. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. Equities analysts forecast that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a $0.20 dividend. The ex-dividend date is Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a yield of 4.6%. Cenovus Energy’s payout ratio is 45.90%.

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.