Cenovus Energy Inc $CVE Stake Raised by Recurrent Investment Advisors LLC

Recurrent Investment Advisors LLC boosted its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 1.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 6,422,579 shares of the oil and gas company’s stock after acquiring an additional 121,629 shares during the period. Cenovus Energy comprises approximately 8.6% of Recurrent Investment Advisors LLC’s investment portfolio, making the stock its biggest holding. Recurrent Investment Advisors LLC’s holdings in Cenovus Energy were worth $112,404,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CVE. Atlantic Union Bankshares Corp bought a new stake in Cenovus Energy in the 2nd quarter worth approximately $27,000. Allworth Financial LP boosted its position in shares of Cenovus Energy by 104.3% during the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 1,168 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings 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 valued at $67,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Advisors Asset Management Inc. bought a new stake in Cenovus Energy in the second quarter worth $78,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Down 0.3%

Shares of CVE opened at $23.63 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35. The business has a fifty day moving average of $20.29 and a 200 day moving average of $18.30. The company has a market cap of $44.42 billion, a PE ratio of 15.44 and a beta of 0.43. Cenovus Energy Inc has a 52-week low of $10.23 and a 52-week high of $24.06.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.08. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. The business had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $10.89 billion. During the same quarter in the previous year, the business posted $0.07 earnings per share. On average, sell-side analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.4%. The ex-dividend date is Friday, March 13th. Cenovus Energy’s dividend payout ratio is presently 37.25%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CVE shares. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research note on Thursday, November 20th. JPMorgan Chase & Co. restated a “neutral” rating on shares of Cenovus Energy in a report on Tuesday, January 20th. BMO Capital Markets restated an “outperform” rating on shares of Cenovus Energy in a report on Friday, February 20th. Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday. Finally, The Goldman Sachs Group increased their price target on shares of Cenovus Energy from $22.00 to $29.00 and gave the company a “buy” rating in a report on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $29.67.

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.