WCG Wealth Advisors LLC Invests $697,000 in Cenovus Energy Inc $CVE

WCG Wealth Advisors LLC purchased a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 41,208 shares of the oil and gas company’s stock, valued at approximately $697,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. CIBC Asset Management Inc grew its holdings in shares of Cenovus Energy by 19.2% during the fourth quarter. CIBC Asset Management Inc now owns 13,634,010 shares of the oil and gas company’s stock worth $231,328,000 after purchasing an additional 2,191,967 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Cenovus Energy by 15.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,385,379 shares of the oil and gas company’s stock worth $23,441,000 after purchasing an additional 190,151 shares during the last quarter. Dynasty Wealth Management LLC grew its holdings in shares of Cenovus Energy by 5.3% during the fourth quarter. Dynasty Wealth Management LLC now owns 107,071 shares of the oil and gas company’s stock worth $1,812,000 after purchasing an additional 5,345 shares during the last quarter. Hillsdale Investment Management Inc. grew its holdings in shares of Cenovus Energy by 105.0% during the fourth quarter. Hillsdale Investment Management Inc. now owns 1,145,115 shares of the oil and gas company’s stock worth $19,407,000 after purchasing an additional 586,515 shares during the last quarter. Finally, Rothschild Investment LLC bought a new stake in shares of Cenovus Energy during the fourth quarter worth about $245,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $28.25 on Friday. The business’s 50 day simple moving average is $27.87 and its 200 day simple moving average is $22.54. Cenovus Energy Inc has a one year low of $13.29 and a one year high of $32.07. The stock has a market capitalization of $52.82 billion, a PE ratio of 15.52 and a beta of 0.34. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The business had revenue of $10.79 billion for the quarter, compared to analysts’ expectations of $9.47 billion. During the same period in the prior year, the business posted $0.47 earnings per share. The firm’s revenue was up 1.0% on a year-over-year basis. As a group, research analysts forecast that Cenovus Energy Inc will post 3.15 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.1%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 15th. Cenovus Energy’s payout ratio is presently 32.42%.

Analyst Upgrades and Downgrades

CVE has been the topic of several research reports. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. BMO Capital Markets restated an “outperform” rating on shares of Cenovus Energy in a report on Friday, February 20th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, May 7th. Finally, Royal Bank Of Canada upped their target price on Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a report on Tuesday, May 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Cenovus Energy presently has an average rating of “Buy” and an average price target of $35.25.

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.