Cetera Investment Advisers Raises Stock Position in Cenovus Energy Inc $CVE

Cetera Investment Advisers raised its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 60.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 89,878 shares of the oil and gas company’s stock after acquiring an additional 33,703 shares during the quarter. Cetera Investment Advisers’ holdings in Cenovus Energy were worth $2,384,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CVE. Militia Capital Management LLC purchased a new stake in shares of Cenovus Energy during the first quarter worth about $1,740,000. First Trust Advisors LP raised its stake in Cenovus Energy by 77.2% during the 1st quarter. First Trust Advisors LP now owns 434,746 shares of the oil and gas company’s stock valued at $11,532,000 after purchasing an additional 189,371 shares during the period. PNC Financial Services Group Inc. raised its stake in Cenovus Energy by 14.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 94,117 shares of the oil and gas company’s stock valued at $2,497,000 after purchasing an additional 11,848 shares during the period. Parallel Advisors LLC lifted its holdings in Cenovus Energy by 19.8% in the 1st quarter. Parallel Advisors LLC now owns 20,376 shares of the oil and gas company’s stock worth $541,000 after purchasing an additional 3,370 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in Cenovus Energy by 26.4% in the 1st quarter. Swiss National Bank now owns 4,754,535 shares of the oil and gas company’s stock worth $126,000,000 after purchasing an additional 992,900 shares in the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on CVE. Desjardins raised shares of Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Weiss Ratings downgraded shares of Cenovus Energy from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Zacks Research lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.25.

Cenovus Energy Price Performance

NYSE:CVE opened at $28.23 on Friday. The business’s 50-day moving average is $27.28 and its 200 day moving average is $25.59. Cenovus Energy Inc has a 12 month low of $14.49 and a 12 month high of $32.07. The company has a market capitalization of $52.20 billion, a P/E ratio of 10.86 and a beta of 0.34. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $11.87 billion. During the same quarter last year, the business posted $0.45 EPS. The firm’s revenue for the quarter was up 47.9% compared to the same quarter last year. On average, equities research analysts forecast that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is currently 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.