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

NewEdge Wealth LLC acquired a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,515 shares of the oil and gas company’s stock, valued at approximately $559,000.

Other large investors have also made changes to their positions in the company. Transamerica Financial Advisors LLC raised its stake in Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,433 shares during the last quarter. NBC Securities Inc. boosted its stake in shares of Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 1,500 shares during the last quarter. Gables Capital Management Inc. acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth about $35,000. Kestra Advisory Services LLC acquired a new stake in shares of Cenovus Energy during the 4th quarter worth about $38,000. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after buying an additional 1,384 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Desjardins raised shares of Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. Finally, Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the company. 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 Trading Up 1.6%

CVE stock opened at $32.99 on Friday. The company has a market cap of $61.01 billion, a price-to-earnings 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. The business has a fifty day simple moving average of $27.83 and a 200-day simple moving average of $26.46. Cenovus Energy Inc has a 52 week low of $15.44 and a 52 week high of $33.40.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The firm had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. During the same quarter last year, the firm earned $0.45 earnings per share. The firm’s revenue for the quarter was up 47.9% compared to the same quarter last year. On average, equities research analysts expect that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently disclosed 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is 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.