Cenovus Energy Inc $CVE Shares Newly Purchased by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC purchased a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 31,597 shares of the oil and gas company’s stock, valued at approximately $982,000.

A number of other institutional investors also recently modified their holdings of CVE. Bank of America Corp DE lifted its holdings in shares of Cenovus Energy by 111.2% in the first quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock valued at $604,107,000 after purchasing an additional 11,990,405 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Cenovus Energy by 13.6% during the first quarter. The Manufacturers Life Insurance Company now owns 17,730,316 shares of the oil and gas company’s stock worth $470,118,000 after buying an additional 2,117,875 shares in the last quarter. GQG Partners LLC bought a new position in shares of Cenovus Energy during the second quarter worth about $411,552,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Cenovus Energy in the 2nd quarter valued at approximately $355,752,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Cenovus Energy in the 2nd quarter valued at approximately $261,811,000. 51.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CVE has been the topic of several research reports. Zacks Research upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 28th. Weiss Ratings raised shares of Cenovus Energy from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, October 23rd. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a research note on Tuesday, September 8th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Cenovus Energy in a report on Thursday, August 27th. Finally, Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Wednesday, September 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $39.00.

Key Headlines Impacting Cenovus Energy

Here are the key news stories impacting Cenovus Energy this week:

• Positive Sentiment: Cenovus reported Q3 earnings of $1.31 per share, above the $1.12 consensus estimate, and said it generated about C$5.0 billion in adjusted funds flow and C$3.6 billion in free funds flow. Record upstream production reached 1.024 million barrels of oil equivalent per day. Reuters report on Q3 results
• Positive Sentiment: The company declared a quarterly dividend of C$0.22 per share, payable December 31 to shareholders of record December 15. Cenovus Q3 results release
• Negative Sentiment: Canadian crude discounts widened to their largest level since 2018, raising a potential concern for realized oil prices. Cenovus called the widening temporary and said it would not change production plans, but the issue may have contributed to the shares’ decline despite the earnings beat. Article on Canadian crude discounts

Cenovus Energy Trading Down 7.7%

Cenovus Energy stock opened at $28.38 on Thursday. The firm has a 50-day moving average of $32.09 and a 200-day moving average of $27.56. Cenovus Energy Inc has a one year low of $15.63 and a one year high of $34.16. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The company has a market cap of $51.56 billion, a price-to-earnings ratio of 10.92 and a beta of 0.38.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Wednesday, November 4th. The oil and gas company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.19. The company had revenue of $13.44 billion during the quarter, compared to analysts’ expectations of $11.85 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%. On average, equities analysts expect that Cenovus Energy Inc will post 4.12 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a dividend of C$0.22 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $0.88 annualized dividend and a yield of 3.1%. Cenovus Energy’s dividend payout ratio is 24.62%.

About Cenovus Energy

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.