Cenovus Energy Inc $CVE is Recurrent Investment Advisors LLC’s Largest Position

Recurrent Investment Advisors LLC grew its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 1.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,422,579 shares of the oil and gas company’s stock after acquiring an additional 121,629 shares during the period. Cenovus Energy accounts for 8.6% of Recurrent Investment Advisors LLC’s portfolio, making the stock its largest holding. Recurrent Investment Advisors LLC owned 0.36% of Cenovus Energy worth $112,404,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Ninepoint Partners LP lifted its position in Cenovus Energy by 490.0% during the third quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock valued at $60,145,000 after purchasing an additional 2,940,000 shares in the last quarter. Intact Investment Management Inc. raised its stake in shares of Cenovus Energy by 69.6% in the third quarter. Intact Investment Management Inc. now owns 3,655,878 shares of the oil and gas company’s stock worth $62,081,000 after buying an additional 1,500,590 shares during the period. Boston Partners raised its stake in shares of Cenovus Energy by 2.3% in the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock worth $365,097,000 after buying an additional 606,042 shares during the period. Swiss National Bank lifted its position in shares of Cenovus Energy by 6.6% during the 2nd quarter. Swiss National Bank now owns 4,156,435 shares of the oil and gas company’s stock valued at $56,341,000 after buying an additional 257,600 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new position in shares of Cenovus Energy during the 2nd quarter valued at approximately $74,895,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CVE shares. BMO Capital Markets restated an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a research note on Tuesday, January 27th. JPMorgan Chase & Co. restated a “neutral” rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. Scotiabank raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, February 20th. Finally, Royal Bank Of Canada upped their target price on shares of Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a report on Wednesday, February 18th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $29.67.

Cenovus Energy Trading Down 0.3%

Cenovus Energy stock opened at $23.63 on Friday. The stock has a market cap of $44.42 billion, a P/E ratio of 15.44 and a beta of 0.43. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. Cenovus Energy Inc has a 1 year low of $10.23 and a 1 year high of $24.06. The firm’s 50 day moving average price is $20.29 and its 200-day moving average price is $18.30.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.28 by $0.08. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. The firm had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $10.89 billion. During the same quarter in the previous year, the firm earned $0.07 earnings per share. On average, equities analysts predict that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a $0.20 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.80 annualized dividend and a yield of 3.4%. Cenovus Energy’s payout ratio is presently 37.25%.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.