Cidel Asset Management Inc. Purchases 111,753 Shares of Cenovus Energy Inc $CVE

Cidel Asset Management Inc. boosted its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 18.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 701,581 shares of the oil and gas company’s stock after acquiring an additional 111,753 shares during the period. Cidel Asset Management Inc.’s holdings in Cenovus Energy were worth $21,862,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. MGO One Seven LLC raised its holdings in Cenovus Energy by 3.7% in the 3rd quarter. MGO One Seven LLC now owns 37,560 shares of the oil and gas company’s stock valued at $1,167,000 after acquiring an additional 1,330 shares during the last quarter. State of Wyoming boosted its holdings in shares of Cenovus Energy by 59.7% during the 3rd quarter. State of Wyoming now owns 23,898 shares of the oil and gas company’s stock worth $743,000 after purchasing an additional 8,933 shares during the last quarter. DecisionPoint Financial LLC acquired a new position in shares of Cenovus Energy during the 3rd quarter worth approximately $95,000. Kingswood Wealth Advisors LLC grew its position in shares of Cenovus Energy by 21.1% in the third quarter. Kingswood Wealth Advisors LLC now owns 10,433 shares of the oil and gas company’s stock valued at $324,000 after purchasing an additional 1,821 shares in the last quarter. Finally, Sigma Planning Corp purchased a new stake in shares of Cenovus Energy in the third quarter valued at approximately $807,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Stock Up 2.0%

CVE stock opened at $32.76 on Friday. The company has a market cap of $59.51 billion, a P/E ratio of 12.60 and a beta of 0.46. 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’s 50-day moving average price is $32.22 and its 200 day moving average price is $27.39. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $34.16.

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 (EPS) for the quarter, hitting the consensus estimate of $1.11. The firm had revenue of $14.59 billion during the quarter, compared to analysts’ expectations of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%. Cenovus Energy’s revenue was up 47.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share. On average, research analysts expect that Cenovus Energy Inc will post 4.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CVE shares. Jefferies Financial Group restated a “buy” rating on shares of Cenovus Energy in a research report on Sunday, October 18th. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating in a research note on Tuesday, September 8th. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research note on Wednesday, August 19th. Finally, Zacks Research upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Cenovus Energy presently has a consensus rating of “Buy” and an average price target of $39.00.

Cenovus Energy Profile

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.