Northwestern Mutual Wealth Management Co. bought a new stake in Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 121,500 shares of the oil and gas company’s stock, valued at approximately $3,014,000.
Several other institutional investors also recently added to or reduced their stakes in CVE. Capital Research Global Investors increased its stake in Cenovus Energy by 16.6% in the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock valued at $2,103,090,000 after purchasing an additional 17,730,542 shares during the period. Vanguard Group Inc. raised its position in Cenovus Energy by 12.8% in the fourth quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock worth $1,074,660,000 after acquiring an additional 7,197,843 shares in the last quarter. Capital International Investors increased its holdings in shares of Cenovus Energy by 3.9% in the 4th quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock valued at $862,505,000 after purchasing an additional 1,903,432 shares in the last quarter. FIL Ltd increased its holdings in Cenovus Energy by 40.0% in the fourth quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock valued at $651,880,000 after buying an additional 11,019,212 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Cenovus Energy by 111.2% in the 1st quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock valued at $604,107,000 after purchasing an additional 11,990,405 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.
Cenovus Energy Trading Down 2.3%
Cenovus Energy stock opened at $32.17 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The firm’s 50-day moving average is $27.93 and its 200-day moving average is $26.60. Cenovus Energy Inc has a 1 year low of $15.63 and a 1 year high of $33.40. The company has a market cap of $59.50 billion, a P/E ratio of 12.37 and a beta of 0.34.
Cenovus Energy Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy’s payout ratio is 24.62%.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on CVE. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Finally, Zacks Research cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.25.
Get Our Latest Analysis on CVE
Cenovus Energy 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.
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