Elevation Point Wealth Partners LLC Takes Position in Cenovus Energy Inc $CVE

Elevation Point Wealth Partners LLC bought a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 29,094 shares of the oil and gas company’s stock, valued at approximately $772,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Lighthouse Investment Partners LLC lifted its stake in shares of Cenovus Energy by 29.1% in the 3rd quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock valued at $8,216,000 after purchasing an additional 109,000 shares during the period. Canoe Financial LP purchased a new stake in Cenovus Energy in the fourth quarter worth $102,662,000. Massachusetts Financial Services Co. MA raised its holdings in Cenovus Energy by 24.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock worth $303,470,000 after purchasing an additional 3,507,525 shares in the last quarter. TD Asset Management Inc raised its holdings in Cenovus Energy by 3.6% in the fourth quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock worth $287,897,000 after purchasing an additional 595,518 shares in the last quarter. Finally, Greenfield Seitz Capital Management LLC lifted its position in Cenovus Energy by 4.4% during the third quarter. Greenfield Seitz Capital Management LLC now owns 1,339,954 shares of the oil and gas company’s stock valued at $22,766,000 after buying an additional 56,507 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of CVE opened at $25.23 on Wednesday. The company has a market capitalization of $46.95 billion, a P/E ratio of 13.87 and a beta of 0.34. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. The firm has a 50 day moving average of $27.80 and a 200 day moving average of $23.82. Cenovus Energy Inc has a twelve month low of $13.90 and a twelve month high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The business had revenue of $10.79 billion for the quarter, compared to analysts’ expectations of $9.47 billion. During the same period in the prior year, the firm posted $0.47 EPS. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. As a group, equities research analysts anticipate that Cenovus Energy Inc will post 3.02 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm 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. This represents a $0.88 annualized dividend and a dividend yield of 3.5%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 15th. Cenovus Energy’s payout ratio is 35.16%.

Analyst Ratings Changes

A number of analysts have recently commented on CVE shares. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Weiss Ratings cut shares of Cenovus Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Veritas raised shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. UBS Group restated a “buy” rating on shares of Cenovus Energy in a report on Thursday, April 9th. Finally, Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. Two 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’s stock. According to MarketBeat.com, Cenovus Energy has a consensus rating of “Moderate Buy” and a consensus target price of $35.25.

About Cenovus Energy

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.