Cardinal Point Capital Management ULC Sells 209,897 Shares of Cenovus Energy Inc $CVE

Cardinal Point Capital Management ULC trimmed its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 86.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,842 shares of the oil and gas company’s stock after selling 209,897 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in Cenovus Energy were worth $896,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVE. Jones Financial Companies Lllp increased its stake in shares of Cenovus Energy by 574.8% in the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock valued at $301,000 after buying an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Cenovus Energy by 6.3% during the 1st 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 acquiring an additional 44,125 shares during the last quarter. Prudential Financial Inc. acquired a new position in Cenovus Energy in the 2nd quarter valued at approximately $525,000. EverSource Wealth Advisors LLC raised its stake in shares of Cenovus Energy by 57.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Cenovus Energy during the second quarter worth $495,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Trading Down 4.1%

NYSE CVE opened at $24.69 on Thursday. The stock has a market capitalization of $46.17 billion, a P/E ratio of 13.57 and a beta of 0.34. The business has a 50 day simple moving average of $27.96 and a 200 day simple moving average of $23.37. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy Inc has a one year low of $13.47 and a one year high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) 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 return on equity of 15.29% and a net margin of 9.53%.The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.47 EPS. Research analysts expect that Cenovus Energy Inc will post 3.15 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.6%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 15th. Cenovus Energy’s payout ratio is presently 35.16%.

Analysts Set New Price Targets

Several analysts recently weighed in on CVE shares. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, May 7th. Zacks Research downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Finally, Lake Street Capital set a $36.00 price objective on Cenovus Energy in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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.