Cenovus Energy Inc. (NYSE:CVE) is Ninepoint Partners LP’s Largest Position

Ninepoint Partners LP lifted its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 4.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,200,000 shares of the oil and gas company’s stock after purchasing an additional 400,000 shares during the period. Cenovus Energy accounts for approximately 16.4% of Ninepoint Partners LP’s portfolio, making the stock its largest position. Ninepoint Partners LP’s holdings in Cenovus Energy were worth $153,180,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Commonwealth Equity Services LLC raised its stake in Cenovus Energy by 1.6% in the third quarter. Commonwealth Equity Services LLC now owns 29,149 shares of the oil and gas company’s stock worth $448,000 after buying an additional 472 shares in the last quarter. CWM LLC boosted its holdings in Cenovus Energy by 19.2% in the third quarter. CWM LLC now owns 3,336 shares of the oil and gas company’s stock worth $69,000 after purchasing an additional 537 shares during the last quarter. Private Advisor Group LLC boosted its holdings in Cenovus Energy by 2.7% in the third quarter. Private Advisor Group LLC now owns 22,453 shares of the oil and gas company’s stock worth $467,000 after purchasing an additional 598 shares during the last quarter. Schechter Investment Advisors LLC boosted its stake in shares of Cenovus Energy by 1.6% during the 3rd quarter. Schechter Investment Advisors LLC now owns 39,350 shares of the oil and gas company’s stock worth $819,000 after acquiring an additional 611 shares during the last quarter. Finally, Lorne Steinberg Wealth Management Inc. boosted its stake in shares of Cenovus Energy by 1.1% during the 3rd quarter. Lorne Steinberg Wealth Management Inc. now owns 57,715 shares of the oil and gas company’s stock worth $1,205,000 after acquiring an additional 630 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Trading Up 1.5 %

Shares of CVE traded up $0.30 during trading on Friday, reaching $20.96. 3,281,239 shares of the company traded hands, compared to its average volume of 11,449,732. The stock has a 50-day simple moving average of $18.88 and a 200-day simple moving average of $18.01. The stock has a market cap of $39.09 billion, a PE ratio of 13.08 and a beta of 2.15. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.90. 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 data on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. The firm 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 previous year, the business posted $0.29 earnings per share. On average, analysts anticipate that Cenovus Energy Inc. will post 1.81 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.1033 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.41 dividend on an annualized basis and a dividend yield of 1.97%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.10. Cenovus Energy’s payout ratio is 25.95%.

Wall Street Analysts Forecast Growth

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