CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Acquires 80,000 Shares of Cenovus Energy Inc. (NYSE:CVE)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 30.3% during the fourth quarter, HoldingsChannel reports. The fund owned 344,000 shares of the oil and gas company’s stock after purchasing an additional 80,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Cenovus Energy were worth $5,212,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cenovus Energy by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 643 shares during the period. Wahed Invest LLC increased its position in shares of Cenovus Energy by 5.6% during the third quarter. Wahed Invest LLC now owns 16,489 shares of the oil and gas company’s stock valued at $276,000 after buying an additional 875 shares during the period. Harmony Asset Management LLC lifted its holdings in shares of Cenovus Energy by 8.1% in the third quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company’s stock worth $224,000 after buying an additional 1,000 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Cenovus Energy by 1.6% in the third quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company’s stock valued at $1,287,000 after acquiring an additional 1,209 shares during the period. Finally, TD Private Client Wealth LLC grew its stake in Cenovus Energy by 3.2% during the third quarter. TD Private Client Wealth LLC now owns 40,194 shares of the oil and gas company’s stock valued at $672,000 after acquiring an additional 1,236 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Down 1.4 %

Shares of CVE opened at $14.81 on Friday. Cenovus Energy Inc. has a 1 year low of $14.20 and a 1 year high of $21.90. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The stock has a 50 day simple moving average of $15.24 and a two-hundred day simple moving average of $16.94. The firm has a market cap of $27.02 billion, a P/E ratio of 10.21 and a beta of 2.01.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.34 by $0.08. The company had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The firm’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.72 EPS. On average, analysts forecast that Cenovus Energy Inc. will post 1.4 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a $0.133 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date was Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s payout ratio is 35.17%.

Analyst Ratings Changes

CVE has been the subject of several analyst reports. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. BMO Capital Markets reduced their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Royal Bank of Canada reiterated an “outperform” rating and set a $28.00 price target on shares of Cenovus Energy in a research report on Monday, January 6th. Finally, StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

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.