Cenovus Energy Inc $CVE Shares Purchased by Ninepoint Partners LP

Ninepoint Partners LP boosted its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 490.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 3,540,000 shares of the oil and gas company’s stock after buying an additional 2,940,000 shares during the quarter. Cenovus Energy comprises approximately 7.9% of Ninepoint Partners LP’s portfolio, making the stock its 5th biggest holding. Ninepoint Partners LP’s holdings in Cenovus Energy were worth $60,145,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Cenovus Energy by 0.6% during the third quarter. Vanguard Group Inc. now owns 56,327,634 shares of the oil and gas company’s stock valued at $956,387,000 after acquiring an additional 354,241 shares during the last quarter. Boston Partners increased its position in shares of Cenovus Energy by 2.3% during the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock worth $365,097,000 after purchasing an additional 606,042 shares in the last quarter. Mackenzie Financial Corp raised its stake in Cenovus Energy by 7.2% in the 2nd quarter. Mackenzie Financial Corp now owns 20,890,672 shares of the oil and gas company’s stock valued at $284,447,000 after purchasing an additional 1,409,439 shares during the last quarter. Smead Capital Management Inc. raised its stake in Cenovus Energy by 13.3% in the 2nd quarter. Smead Capital Management Inc. now owns 17,552,075 shares of the oil and gas company’s stock valued at $238,999,000 after purchasing an additional 2,056,163 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in Cenovus Energy by 322.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company’s stock valued at $211,338,000 after purchasing an additional 11,849,355 shares in the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

NYSE:CVE opened at $22.31 on Friday. The company’s 50-day moving average is $19.18 and its two-hundred day moving average is $17.81. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $23.39. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. The firm has a market capitalization of $41.95 billion, a price-to-earnings ratio of 14.58 and a beta of 0.48.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.28 by $0.08. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $10.89 billion. During the same quarter in the previous year, the company earned $0.07 EPS. Analysts forecast that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a $0.20 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a yield of 3.6%. Cenovus Energy’s payout ratio is currently 37.25%.

Analyst Ratings Changes

CVE has been the subject of a number of research reports. TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Zacks Research cut shares of Cenovus Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, February 20th. The Goldman Sachs Group reissued a “buy” rating and issued a $22.00 target price on shares of Cenovus Energy in a research note on Monday, February 2nd. JPMorgan Chase & Co. restated a “neutral” rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. Finally, Wall Street Zen cut Cenovus Energy from a “buy” rating to a “hold” rating in a report on Monday, February 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $27.33.

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.