NewEdge Wealth LLC Invests $559,000 in Cenovus Energy Inc $CVE

NewEdge Wealth LLC bought a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 22,515 shares of the oil and gas company’s stock, valued at approximately $559,000.

A number of other hedge funds have also made changes to their positions in CVE. Jones Financial Companies Lllp increased its holdings in Cenovus Energy by 574.8% in the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock valued at $301,000 after purchasing an additional 18,405 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Cenovus Energy by 6.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock worth $10,397,000 after purchasing an additional 44,125 shares in the last quarter. Prudential Financial Inc. acquired a new position in shares of Cenovus Energy during the second quarter worth about $525,000. EverSource Wealth Advisors LLC boosted its position in shares of Cenovus Energy by 57.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after buying an additional 1,800 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of Cenovus Energy in the second quarter worth about $495,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Royal Bank Of Canada upped their price target on Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Thursday, July 30th. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday. Finally, Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $36.25.

Cenovus Energy Stock Up 1.6%

Shares of Cenovus Energy stock opened at $32.99 on Friday. The business has a 50-day moving average price of $27.83 and a 200 day moving average price of $26.46. Cenovus Energy Inc has a fifty-two week low of $15.44 and a fifty-two week high of $33.40. The firm has a market cap of $61.01 billion, a P/E ratio of 12.69 and a beta of 0.34. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, hitting analysts’ consensus estimates of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company had revenue of $14.59 billion for the quarter, compared to the consensus estimate of $11.87 billion. During the same quarter last year, the business posted $0.45 EPS. Cenovus Energy’s quarterly revenue was up 47.9% compared to the same quarter last year. On average, sell-side analysts forecast that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend 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.