Cumberland Partners Ltd Makes New $395,000 Investment in Cenovus Energy Inc. (NYSE:CVE)

Cumberland Partners Ltd bought a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 23,600 shares of the oil and gas company’s stock, valued at approximately $395,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. International Assets Investment Management LLC boosted its position in shares of Cenovus Energy by 20.6% during the 3rd quarter. International Assets Investment Management LLC now owns 21,020 shares of the oil and gas company’s stock worth $441,000 after acquiring an additional 3,596 shares in the last quarter. CWM LLC boosted its position in shares of Cenovus Energy by 19.2% during the 3rd quarter. CWM LLC now owns 3,336 shares of the oil and gas company’s stock worth $69,000 after acquiring an additional 537 shares in the last quarter. Maryland State Retirement & Pension System boosted its position in shares of Cenovus Energy by 2.8% during the 3rd quarter. Maryland State Retirement & Pension System now owns 339,502 shares of the oil and gas company’s stock worth $7,072,000 after acquiring an additional 9,256 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Cenovus Energy by 5.8% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 11,947 shares of the oil and gas company’s stock worth $249,000 after acquiring an additional 654 shares in the last quarter. Finally, Baker Ellis Asset Management LLC boosted its position in shares of Cenovus Energy by 22.3% during the 3rd quarter. Baker Ellis Asset Management LLC now owns 72,300 shares of the oil and gas company’s stock worth $1,505,000 after acquiring an additional 13,200 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Cenovus Energy Price Performance

Cenovus Energy stock traded down $0.14 during mid-day trading on Wednesday, reaching $21.13. The company had a trading volume of 4,541,218 shares, compared to its average volume of 11,274,953. The business has a fifty day simple moving average of $19.16 and a 200 day simple moving average of $18.02. The company has a market cap of $39.41 billion, a P/E ratio of 13.36 and a beta of 2.15. Cenovus Energy Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly 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. The firm had revenue of $9.65 billion during the quarter, compared to the consensus estimate 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 last year, the firm earned $0.29 earnings per share. On average, equities research analysts predict that Cenovus Energy Inc. will post 1.88 earnings per share for the current year.

Cenovus Energy Increases Dividend

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

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.