CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $796,000 Stake in Cenovus Energy Inc $CVE

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT reduced its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 93.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,000 shares of the oil and gas company’s stock after selling 430,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Cenovus Energy were worth $796,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp grew its holdings in shares of Cenovus Energy by 574.8% during the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after purchasing an additional 18,405 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Cenovus Energy by 6.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock worth $10,397,000 after buying an additional 44,125 shares in the last quarter. Prudential Financial Inc. acquired a new stake in Cenovus Energy during the second quarter worth about $525,000. EverSource Wealth Advisors LLC increased its holdings in Cenovus Energy by 57.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after buying an additional 1,800 shares during the period. Finally, Marshall Wace LLP bought a new position in Cenovus Energy in the 2nd quarter valued at about $495,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $24.64 on Monday. The company has a market cap of $45.85 billion, a price-to-earnings ratio of 13.54 and a beta of 0.34. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $27.86 and a 200 day simple moving average of $23.71. Cenovus Energy Inc has a one year low of $13.85 and a one year high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. The firm had revenue of $10.79 billion for the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company’s revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.47 earnings per share. Research analysts predict that Cenovus Energy Inc will post 3.02 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.22 per share. The ex-dividend date was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 3.6%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio is presently 35.16%.

Wall Street Analysts Forecast Growth

CVE has been the subject of a number of recent analyst reports. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a report on Wednesday, May 13th. Zacks Research cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Veritas upgraded Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Finally, Royal Bank Of Canada boosted their price target on Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Tuesday, May 19th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.25.

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.