Lorne Steinberg Wealth Management Inc. Raises Stake in Cenovus Energy Inc. (NYSE:CVE)

Lorne Steinberg Wealth Management Inc. lifted its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 2.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 59,403 shares of the oil and gas company’s stock after acquiring an additional 1,688 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Cenovus Energy were worth $990,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. CWM LLC boosted its stake in shares of Cenovus Energy by 19.2% during the third quarter. CWM LLC now owns 3,336 shares of the oil and gas company’s stock valued at $69,000 after purchasing an additional 537 shares during the period. Private Advisor Group LLC raised its position in shares of 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 valued at $467,000 after buying an additional 598 shares during the last quarter. Schechter Investment Advisors LLC lifted its holdings in shares of Cenovus Energy by 1.6% in 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. Raymond James Financial Services Advisors Inc. boosted its position in shares of Cenovus Energy by 5.8% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 11,947 shares of the oil and gas company’s stock worth $249,000 after acquiring an additional 654 shares during the last quarter. Finally, Stratos Wealth Partners LTD. increased its holdings in Cenovus Energy by 0.5% in the 4th quarter. Stratos Wealth Partners LTD. now owns 156,345 shares of the oil and gas company’s stock valued at $2,603,000 after acquiring an additional 774 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Stock Down 0.8 %

NYSE CVE traded down $0.16 on Wednesday, hitting $21.11. The stock had a trading volume of 2,899,685 shares, compared to its average volume of 11,255,332. Cenovus Energy Inc. has a 52-week low of $14.69 and a 52-week high of $21.90. The business’s fifty day moving average price is $19.16 and its 200 day moving average price is $18.02. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.56 and a quick ratio of 0.91. The stock has a market cap of $39.37 billion, a price-to-earnings ratio of 13.47 and a beta of 2.15.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.04. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. The firm had revenue of $9.65 billion during the quarter, compared to analysts’ expectations of $9.73 billion. During the same period last year, the business posted $0.29 earnings per share. Equities research analysts anticipate that Cenovus Energy Inc. will post 1.88 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.1033 per share. This represents a $0.41 annualized dividend and a yield of 1.96%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.10. The ex-dividend date was Thursday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is 25.95%.

Analyst Upgrades and Downgrades

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

Cenovus Energy 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.