Summit Financial LLC Takes $1.40 Million Position in Cenovus Energy Inc. (NYSE:CVE)

Summit Financial LLC purchased a new position in 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 (SEC). The firm purchased 92,501 shares of the oil and gas company’s stock, valued at approximately $1,401,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC increased its holdings in Cenovus Energy by 104.9% in the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 851 shares during the period. Sierra Ocean LLC bought a new position in Cenovus Energy in the fourth quarter valued at approximately $67,000. Blue Trust Inc. raised its position in Cenovus Energy by 54.7% during the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after purchasing an additional 1,677 shares in the last quarter. Empirical Asset Management LLC bought a new stake in Cenovus Energy during the fourth quarter worth $174,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Cenovus Energy by 177.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 11,991 shares of the oil and gas company’s stock valued at $184,000 after purchasing an additional 7,669 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Stock Up 0.7 %

Shares of NYSE CVE opened at $14.01 on Wednesday. The company has a 50 day simple moving average of $14.22 and a 200 day simple moving average of $15.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy Inc. has a 1 year low of $12.08 and a 1 year high of $21.90. The firm has a market cap of $25.53 billion, a PE ratio of 11.57 and a beta of 1.99.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.27). Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $11.08 billion. On average, research analysts forecast that Cenovus Energy Inc. will post 1.49 EPS for the current year.

Cenovus Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $0.1269 per share. The ex-dividend date was Friday, March 14th. This represents a $0.51 annualized dividend and a yield of 3.62%. Cenovus Energy’s payout ratio is 40.50%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CVE shares. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a report on Wednesday, March 19th. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a research note on Wednesday, March 26th. National Bank Financial downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Finally, Royal Bank of Canada cut their target price on shares of Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $29.00.

Cenovus Energy 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.