Pure Financial Advisors LLC Buys New Stake in Cenovus Energy Inc $CVE

Pure Financial Advisors LLC purchased a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, HoldingsChannel.com reports. The fund purchased 17,216 shares of the oil and gas company’s stock, valued at approximately $427,000.

Other hedge funds have also bought and sold shares of the company. Transamerica Financial Advisors LLC grew its position in shares of Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,433 shares in the last quarter. NBC Securities Inc. lifted its position in shares of Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after buying an additional 1,500 shares in the last quarter. Gables Capital Management Inc. purchased a new stake in shares of Cenovus Energy in the second quarter worth about $35,000. Kestra Advisory Services LLC bought a new position in Cenovus Energy during the fourth quarter valued at approximately $38,000. Finally, Geneos Wealth Management Inc. grew its holdings in Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 1,384 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

CVE has been the topic of a number of research reports. Zacks Research downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a report on Wednesday, May 13th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Finally, Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and an average target price of $36.25.

Cenovus Energy Stock Up 0.7%

Shares of NYSE:CVE opened at $31.71 on Friday. The company has a market cap of $58.65 billion, a price-to-earnings ratio of 12.20 and a beta of 0.34. Cenovus Energy Inc has a 12 month low of $15.63 and a 12 month high of $33.40. 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 company has a 50-day moving average price of $28.27 and a 200 day moving average price of $26.83.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting the consensus estimate of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. During the same period in the previous year, the firm posted $0.45 earnings per share. The firm’s revenue for the quarter was up 47.9% on a year-over-year basis. As a group, equities research analysts predict that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued 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 2.8%. Cenovus Energy’s payout ratio is 24.62%.

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.