Ninepoint Partners LP Acquires Shares of 5,100,000 Cenovus Energy Inc $CVE

Ninepoint Partners LP bought a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 5,100,000 shares of the oil and gas company’s stock, valued at approximately $126,531,000. Cenovus Energy accounts for about 9.6% of Ninepoint Partners LP’s holdings, making the stock its 2nd largest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. TD Asset Management Inc lifted its stake in shares of Cenovus Energy by 3.6% during the fourth quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock valued at $287,897,000 after acquiring an additional 595,518 shares during the period. Alberta Investment Management Corp bought a new stake in Cenovus Energy during the 2nd quarter worth about $143,730,000. Beverly Hills Private Wealth LLC bought a new stake in Cenovus Energy during the 2nd quarter worth about $2,678,000. Amundi lifted its position in Cenovus Energy by 1.4% during the 1st quarter. Amundi now owns 5,366,196 shares of the oil and gas company’s stock valued at $142,365,000 after purchasing an additional 71,891 shares during the period. Finally, Militia Capital Management LLC acquired a new position in Cenovus Energy during the 1st quarter valued at about $1,740,000. Institutional investors own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

CVE has been the subject of several analyst reports. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Royal Bank Of Canada lifted their target price on shares of Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.25.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $32.58 on Friday. The firm has a market capitalization of $60.25 billion, a P/E ratio of 12.53 and a beta of 0.34. Cenovus Energy Inc has a 1 year low of $14.85 and a 1 year high of $33.40. The business has a 50-day moving average of $27.74 and a 200-day moving average of $26.41. 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 announced its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting analysts’ consensus estimates of $1.11. The company had revenue of $14.59 billion during the quarter, compared to analysts’ expectations of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.Cenovus Energy’s revenue was up 47.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 EPS. On average, equities analysts anticipate that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. Cenovus Energy’s payout ratio is 24.62%.

About Cenovus Energy

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.