Northwestern Mutual Wealth Management Co. Purchases 571,386 Shares of Cenovus Energy Inc $CVE

Northwestern Mutual Wealth Management Co. raised its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 3,341.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 588,486 shares of the oil and gas company’s stock after buying an additional 571,386 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Cenovus Energy were worth $9,957,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of CVE. Intech Investment Management LLC lifted its holdings in shares of Cenovus Energy by 16.2% in the 4th quarter. Intech Investment Management LLC now owns 150,545 shares of the oil and gas company’s stock worth $2,550,000 after purchasing an additional 20,994 shares in the last quarter. Arista Wealth Management LLC bought a new position in Cenovus Energy in the 4th quarter valued at about $254,000. Geode Capital Management LLC lifted its position in Cenovus Energy by 10.9% in the 4th quarter. Geode Capital Management LLC now owns 13,274,142 shares of the oil and gas company’s stock valued at $226,307,000 after acquiring an additional 1,305,123 shares in the last quarter. Bleakley Financial Group LLC lifted its position in Cenovus Energy by 5.2% in the 4th quarter. Bleakley Financial Group LLC now owns 21,225 shares of the oil and gas company’s stock valued at $359,000 after acquiring an additional 1,057 shares in the last quarter. Finally, Morningstar Investment Management LLC bought a new position in Cenovus Energy in the 4th quarter valued at about $249,000. Institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on CVE. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. TD Securities reissued a “buy” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Weiss Ratings raised shares of Cenovus Energy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 8th. Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a research report on Wednesday, May 13th. Finally, Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $35.25.

Cenovus Energy Stock Up 2.2%

Cenovus Energy stock opened at $28.17 on Tuesday. Cenovus Energy Inc has a 1-year low of $12.88 and a 1-year high of $32.07. The firm has a market capitalization of $52.68 billion, a price-to-earnings ratio of 15.48 and a beta of 0.34. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The firm has a 50 day simple moving average of $27.56 and a 200 day simple moving average of $22.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. During the same period in the previous year, the business earned $0.47 EPS. Cenovus Energy’s revenue was up 1.0% compared to the same quarter last year. On average, analysts predict that Cenovus Energy Inc will post 3.15 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.22 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 3.1%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is presently 32.42%.

Cenovus Energy 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.