Triasima Portfolio Management inc. Invests $2.76 Million in Cenovus Energy Inc $CVE

Triasima Portfolio Management inc. bought a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 162,775 shares of the oil and gas company’s stock, valued at approximately $2,764,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Ridgewood Investments LLC acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth about $27,000. Atlantic Union Bankshares Corp purchased a new position in shares of Cenovus Energy during the 2nd quarter worth approximately $27,000. Allworth Financial LP increased its holdings in Cenovus Energy by 104.3% in the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 1,168 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the period. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Cenovus Energy by 39.9% during the second quarter. Caitong International Asset Management Co. Ltd now owns 4,205 shares of the oil and gas company’s stock worth $57,000 after purchasing an additional 1,199 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CVE shares. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Cenovus Energy in a research note on Tuesday. TD Securities restated a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, December 3rd. BMO Capital Markets set a $29.00 target price on shares of Cenovus Energy in a report on Monday, November 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Cenovus Energy in a report on Thursday, October 30th. Finally, Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, October 9th. Four research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $27.00.

Cenovus Energy Trading Down 0.7%

Shares of Cenovus Energy stock opened at $17.91 on Tuesday. The company’s fifty day moving average is $17.45 and its two-hundred day moving average is $16.59. Cenovus Energy Inc has a 1 year low of $10.23 and a 1 year high of $18.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73. The company has a market capitalization of $33.74 billion, a P/E ratio of 14.62 and a beta of 0.49.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. Cenovus Energy had a return on equity of 10.73% and a net margin of 6.23%.The firm had revenue of $10.87 billion during the quarter, compared to the consensus estimate of $12.51 billion. During the same period last year, the company earned $0.42 earnings per share. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. Analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.5%. The ex-dividend date was Monday, December 15th. Cenovus Energy’s dividend payout ratio is presently 46.72%.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.