Canoe Financial LP Invests $102.66 Million in Cenovus Energy Inc $CVE

Canoe Financial LP bought a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 6,068,200 shares of the oil and gas company’s stock, valued at approximately $102,662,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Allworth Financial LP boosted its holdings in shares of Cenovus Energy by 32.2% during the third quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 737 shares during the period. Integrated Wealth Concepts LLC increased its stake in Cenovus Energy by 4.5% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 21,110 shares of the oil and gas company’s stock valued at $359,000 after buying an additional 903 shares during the period. Jones Financial Companies Lllp lifted its position in Cenovus Energy by 16.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 6,369 shares of the oil and gas company’s stock worth $113,000 after buying an additional 917 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Cenovus Energy by 1.9% during the 3rd quarter. Quadrant Capital Group LLC now owns 50,111 shares of the oil and gas company’s stock valued at $851,000 after buying an additional 948 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Cenovus Energy by 20.8% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 5,933 shares of the oil and gas company’s stock valued at $101,000 after buying an additional 1,021 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Trading Up 3.3%

Shares of CVE stock opened at $26.83 on Friday. Cenovus Energy Inc has a 12 month low of $10.23 and a 12 month high of $26.87. The company has a market cap of $50.43 billion, a PE ratio of 17.53 and a beta of 0.43. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35. The business’s 50 day moving average is $21.99 and its two-hundred day moving average is $18.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.08. The business had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $10.89 billion. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. During the same period in the previous year, the company earned $0.07 earnings per share. Equities analysts predict that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a yield of 3.0%. Cenovus Energy’s payout ratio is currently 38.56%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CVE shares. TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Royal Bank Of Canada increased their price objective on Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a report on Wednesday, February 18th. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Scotiabank upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 20th. Finally, Wall Street Zen lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, February 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $29.67.

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.