23,600 Shares in Cenovus Energy Inc. (NYSE:CVE) Acquired by Cumberland Partners Ltd

Cumberland Partners Ltd bought a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the fourth quarter, Holdings Channel reports. The fund bought 23,600 shares of the oil and gas company’s stock, valued at approximately $395,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mackenzie Financial Corp grew its stake in Cenovus Energy by 4.4% in the 4th quarter. Mackenzie Financial Corp now owns 11,053,328 shares of the oil and gas company’s stock worth $184,278,000 after buying an additional 462,273 shares in the last quarter. Canoe Financial LP grew its stake in Cenovus Energy by 20.0% in the 3rd quarter. Canoe Financial LP now owns 1,406,395 shares of the oil and gas company’s stock worth $29,282,000 after buying an additional 234,500 shares in the last quarter. Deutsche Bank AG grew its stake in Cenovus Energy by 16.2% in the 3rd quarter. Deutsche Bank AG now owns 1,422,158 shares of the oil and gas company’s stock worth $29,609,000 after buying an additional 198,062 shares in the last quarter. Vanguard Group Inc. grew its stake in Cenovus Energy by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 49,480,149 shares of the oil and gas company’s stock worth $1,030,177,000 after buying an additional 690,057 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in Cenovus Energy by 315.6% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 187,000 shares of the oil and gas company’s stock worth $3,893,000 after buying an additional 142,000 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Analyst Ratings Changes

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

Cenovus Energy Trading Down 0.7 %

Shares of Cenovus Energy stock traded down $0.14 during trading on Wednesday, reaching $21.13. The company’s stock had a trading volume of 4,541,218 shares, compared to its average volume of 11,274,953. Cenovus Energy Inc. has a 52-week low of $14.69 and a 52-week high of $21.90. The company has a market cap of $39.41 billion, a price-to-earnings ratio of 13.36 and a beta of 2.15. The firm’s 50-day moving average is $19.16 and its two-hundred day moving average is $18.02. The company has a quick ratio of 0.91, a current ratio of 1.56 and a debt-to-equity ratio of 0.25.

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

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.1033 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.41 annualized dividend and a yield of 1.96%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.10. Cenovus Energy’s dividend payout ratio is presently 25.95%.

Cenovus Energy Company Profile

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.