CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 80,000 Shares of Cenovus Energy Inc. (NYSE:CVE)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 30.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 344,000 shares of the oil and gas company’s stock after purchasing an additional 80,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Cenovus Energy were worth $5,212,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its holdings in Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after acquiring an additional 643 shares in the last quarter. Wahed Invest LLC grew its position in Cenovus Energy by 5.6% in the 3rd quarter. Wahed Invest LLC now owns 16,489 shares of the oil and gas company’s stock valued at $276,000 after purchasing an additional 875 shares during the period. Harmony Asset Management LLC increased its stake in Cenovus Energy by 8.1% during the 3rd quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company’s stock valued at $224,000 after purchasing an additional 1,000 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Cenovus Energy by 1.6% during the third quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company’s stock worth $1,287,000 after buying an additional 1,209 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its stake in shares of Cenovus Energy by 3.2% in the third quarter. TD Private Client Wealth LLC now owns 40,194 shares of the oil and gas company’s stock valued at $672,000 after buying an additional 1,236 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVE has been the topic of several recent research reports. TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $28.00 target price on shares of Cenovus Energy in a research report on Monday, January 6th. BMO Capital Markets lowered their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Trading Down 1.4 %

NYSE CVE opened at $14.81 on Friday. The stock has a market capitalization of $27.02 billion, a price-to-earnings ratio of 10.21 and a beta of 2.01. The business’s fifty day moving average is $15.24 and its 200-day moving average is $16.94. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy Inc. has a one year low of $14.20 and a one year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The firm had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $10.25 billion. During the same period in the previous year, the company earned $0.72 earnings per share. The company’s quarterly revenue was down 17.9% on a year-over-year basis. Equities research analysts predict that Cenovus Energy Inc. will post 1.4 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a $0.133 dividend. The ex-dividend date was Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a dividend yield of 3.59%. Cenovus Energy’s payout ratio is presently 35.17%.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.