Ninepoint Partners LP Invests $126.53 Million in Cenovus Energy Inc $CVE

Ninepoint Partners LP acquired a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 5,100,000 shares of the oil and gas company’s stock, valued at approximately $126,531,000. Cenovus Energy comprises 9.6% of Ninepoint Partners LP’s holdings, making the stock its 2nd largest position. Ninepoint Partners LP owned approximately 0.28% of Cenovus Energy as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. TD Asset Management Inc boosted its position in shares of Cenovus Energy by 3.6% during the 4th quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock valued at $287,897,000 after acquiring an additional 595,518 shares in the last quarter. Alberta Investment Management Corp acquired a new position in Cenovus Energy in the second quarter worth about $143,730,000. Beverly Hills Private Wealth LLC bought a new position in Cenovus Energy during the second quarter worth about $2,678,000. Amundi boosted its holdings in Cenovus Energy by 1.4% during the first quarter. Amundi now owns 5,366,196 shares of the oil and gas company’s stock valued at $142,365,000 after purchasing an additional 71,891 shares in the last quarter. Finally, Militia Capital Management LLC bought a new stake in shares of Cenovus Energy in the 1st quarter valued at approximately $1,740,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on CVE shares. Lake Street Capital set a $36.00 target price on Cenovus Energy in a research report on Wednesday, May 13th. Zacks Research cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Desjardins raised Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Finally, Raymond James Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.25.

Cenovus Energy Stock Performance

NYSE:CVE opened at $32.58 on Friday. Cenovus Energy Inc has a 1 year low of $14.85 and a 1 year high of $33.40. The firm has a 50 day moving average of $27.74 and a 200-day moving average of $26.41. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $60.25 billion, a P/E ratio of 12.53 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, hitting analysts’ consensus estimates of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The business had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. During the same period in the prior year, the company earned $0.45 EPS. Cenovus Energy’s revenue for the quarter was up 47.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. Cenovus Energy’s dividend payout ratio (DPR) is 24.62%.

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.