Ninepoint Partners LP Boosts Holdings in Cenovus Energy Inc. (NYSE:CVE)

Ninepoint Partners LP boosted its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 4.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,200,000 shares of the oil and gas company’s stock after acquiring an additional 400,000 shares during the quarter. Cenovus Energy accounts for approximately 16.4% of Ninepoint Partners LP’s investment portfolio, making the stock its biggest holding. Ninepoint Partners LP owned approximately 0.49% of Cenovus Energy worth $153,180,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC grew its stake in shares of Cenovus Energy by 1.6% in the third quarter. Commonwealth Equity Services LLC now owns 29,149 shares of the oil and gas company’s stock valued at $448,000 after acquiring an additional 472 shares in the last quarter. CWM LLC grew its stake in shares of Cenovus Energy by 19.2% in the third quarter. CWM LLC now owns 3,336 shares of the oil and gas company’s stock valued at $69,000 after acquiring an additional 537 shares in the last quarter. Private Advisor Group LLC grew its stake in Cenovus Energy by 2.7% during the third quarter. Private Advisor Group LLC now owns 22,453 shares of the oil and gas company’s stock worth $467,000 after buying an additional 598 shares in the last quarter. Schechter Investment Advisors LLC grew its stake in Cenovus Energy by 1.6% during the third quarter. Schechter Investment Advisors LLC now owns 39,350 shares of the oil and gas company’s stock worth $819,000 after buying an additional 611 shares in the last quarter. Finally, Lorne Steinberg Wealth Management Inc. increased its holdings in Cenovus Energy by 1.1% in the 3rd quarter. Lorne Steinberg Wealth Management Inc. now owns 57,715 shares of the oil and gas company’s stock valued at $1,205,000 after buying an additional 630 shares during the period. 51.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CVE has been the topic of a number of research analyst reports. Morgan Stanley raised their price target on shares of Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Royal Bank of Canada reiterated an “outperform” rating and issued a $28.00 price objective on shares of Cenovus Energy in a research note on Friday, January 26th. UBS Group upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating in a research note on Friday, February 23rd. Finally, StockNews.com upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Thursday, April 11th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $26.67.

Cenovus Energy Stock Performance

Shares of NYSE:CVE traded up $0.30 during midday trading on Friday, reaching $20.96. The company had a trading volume of 3,281,239 shares, compared to its average volume of 11,449,732. The stock has a market cap of $39.09 billion, a P/E ratio of 13.08 and a beta of 2.15. Cenovus Energy Inc. has a 52-week low of $14.69 and a 52-week high of $21.90. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.25. The company’s 50 day moving average price is $18.88 and its 200 day moving average price is $18.01.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, February 15th. The oil and gas company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.25 by $0.04. The business had revenue of $9.65 billion for the quarter, compared to the consensus estimate of $9.73 billion. Cenovus Energy had a net margin of 7.88% and a return on equity of 14.85%. During the same period in the prior year, the firm earned $0.29 earnings per share. As a group, sell-side analysts anticipate that Cenovus Energy Inc. will post 1.81 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.1033 per share. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.10. This represents a $0.41 annualized dividend and a yield of 1.97%. Cenovus Energy’s dividend payout ratio is 25.95%.

Cenovus Energy Company Profile

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.