DORCHESTER WEALTH MANAGEMENT Co Acquires 4,160 Shares of Cenovus Energy Inc. (NYSE:CVE)

DORCHESTER WEALTH MANAGEMENT Co raised its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 1.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 222,071 shares of the oil and gas company’s stock after buying an additional 4,160 shares during the period. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Cenovus Energy were worth $3,123,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Panview Capital Ltd bought a new position in shares of Cenovus Energy during the fourth quarter valued at about $16,741,000. Bank of Stockton lifted its position in shares of Cenovus Energy by 14.8% during the fourth quarter. Bank of Stockton now owns 14,796 shares of the oil and gas company’s stock valued at $224,000 after purchasing an additional 1,902 shares in the last quarter. Alberta Investment Management Corp lifted its position in shares of Cenovus Energy by 10.1% during the fourth quarter. Alberta Investment Management Corp now owns 4,494,400 shares of the oil and gas company’s stock valued at $68,094,000 after purchasing an additional 411,000 shares in the last quarter. Mraz Amerine & Associates Inc. lifted its position in shares of Cenovus Energy by 37.1% during the fourth quarter. Mraz Amerine & Associates Inc. now owns 185,308 shares of the oil and gas company’s stock valued at $2,807,000 after purchasing an additional 50,190 shares in the last quarter. Finally, D.A. Davidson & CO. bought a new position in shares of Cenovus Energy during the fourth quarter valued at about $186,000. 51.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CVE shares. BMO Capital Markets dropped their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Royal Bank of Canada dropped their price target 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. StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Finally, National Bank Financial downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $29.25.

Cenovus Energy Stock Performance

NYSE CVE opened at $14.61 on Friday. Cenovus Energy Inc. has a 52-week low of $13.76 and a 52-week high of $21.90. The company has a 50-day simple moving average of $14.99 and a 200 day simple moving average of $16.29. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The company has a market capitalization of $26.64 billion, a PE ratio of 12.07 and a beta of 1.99.

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

Cenovus Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.1269 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.51 annualized dividend and a dividend yield of 3.47%. Cenovus Energy’s payout ratio is 42.15%.

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.