1,676 Shares in Cenovus Energy Inc. (NYSE:CVE) Purchased by Financial Perspectives Inc

Financial Perspectives Inc purchased a new position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,676 shares of the oil and gas company’s stock, valued at approximately $28,000.

Other hedge funds have also bought and sold shares of the company. Lorne Steinberg Wealth Management Inc. boosted its stake in Cenovus Energy by 2.9% in the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 59,403 shares of the oil and gas company’s stock valued at $990,000 after acquiring an additional 1,688 shares during the period. Ninepoint Partners LP grew its holdings in Cenovus Energy by 4.5% in the 4th quarter. Ninepoint Partners LP now owns 9,200,000 shares of the oil and gas company’s stock worth $153,180,000 after buying an additional 400,000 shares in the last quarter. Smead Capital Management Inc. grew its holdings in Cenovus Energy by 2.7% in the 4th quarter. Smead Capital Management Inc. now owns 604,903 shares of the oil and gas company’s stock worth $10,080,000 after buying an additional 16,134 shares in the last quarter. Mraz Amerine & Associates Inc. grew its holdings in Cenovus Energy by 117.1% in the 4th quarter. Mraz Amerine & Associates Inc. now owns 35,193 shares of the oil and gas company’s stock worth $586,000 after buying an additional 18,985 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Cenovus Energy by 121.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 675,388 shares of the oil and gas company’s stock worth $11,309,000 after buying an additional 371,085 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Price Performance

Shares of NYSE:CVE traded up $0.17 on Tuesday, reaching $21.28. 6,515,796 shares of the company traded hands, compared to its average volume of 11,365,327. The company’s 50 day moving average is $19.16 and its 200-day moving average is $18.02. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.56 and a quick ratio of 0.91. Cenovus Energy Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The stock has a market capitalization of $39.68 billion, a PE ratio of 13.47 and a beta of 2.15.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.04. Cenovus Energy had a net margin of 7.88% and a return on equity of 14.85%. The company had revenue of $9.65 billion for the quarter, compared to the consensus estimate of $9.73 billion. During the same period in the previous year, the business earned $0.29 EPS. As a group, analysts anticipate that Cenovus Energy Inc. will post 1.88 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.1033 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.10. This represents a $0.41 annualized dividend and a yield of 1.94%. The ex-dividend date was Thursday, March 14th. Cenovus Energy’s payout ratio is 25.95%.

Analyst Ratings Changes

A number of brokerages recently issued reports on CVE. UBS Group raised Cenovus Energy from a “neutral” rating to a “buy” rating in a report on Friday, February 23rd. Morgan Stanley increased their price objective on Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Royal Bank of Canada reiterated an “outperform” rating and set a $28.00 price objective on shares of Cenovus Energy in a research report on Friday, January 26th. Finally, StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Thursday, April 11th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $26.67.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.