Cenovus Energy Inc $CVE Holdings Lifted by Harvest Portfolios Group Inc.

Harvest Portfolios Group Inc. increased its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 12.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 192,610 shares of the oil and gas company’s stock after purchasing an additional 21,644 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Cenovus Energy were worth $3,258,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Lighthouse Investment Partners LLC grew its holdings in shares of Cenovus Energy by 29.1% during the third quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock valued at $8,216,000 after buying an additional 109,000 shares in the last quarter. Canoe Financial LP purchased a new position in shares of Cenovus Energy during the fourth quarter valued at $102,662,000. Ninepoint Partners LP grew its holdings in shares of 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 buying an additional 2,940,000 shares in the last quarter. Intact Investment Management Inc. grew its holdings in shares of Cenovus Energy by 69.6% during the third quarter. Intact Investment Management Inc. now owns 3,655,878 shares of the oil and gas company’s stock valued at $62,081,000 after buying an additional 1,500,590 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Cenovus Energy by 24.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock valued at $303,470,000 after buying an additional 3,507,525 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CVE shares. Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Weiss Ratings upgraded Cenovus Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 8th. Zacks Research upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 22nd. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Finally, Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $35.25.

Cenovus Energy Stock Performance

Shares of NYSE CVE opened at $30.52 on Thursday. The business’s 50-day moving average price is $26.72 and its two-hundred day moving average price is $21.59. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy Inc has a one year low of $12.88 and a one year high of $32.07. The company has a market capitalization of $57.21 billion, a P/E ratio of 16.77 and a beta of 0.37.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The firm had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. Analysts anticipate that Cenovus Energy Inc will post 3.01 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.22 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, June 15th. Cenovus Energy’s payout ratio is presently 32.42%.

Cenovus Energy Company Profile

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.