CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $3.85 Million Position in Cenovus Energy Inc. (NYSE:CVE)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 23.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 231,000 shares of the oil and gas company’s stock after acquiring an additional 44,000 shares during the period. Cenovus Energy comprises about 0.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 29th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Cenovus Energy were worth $3,846,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the business. Assenagon Asset Management S.A. boosted its position in shares of Cenovus Energy by 9,511.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,303,904 shares of the oil and gas company’s stock valued at $55,013,000 after acquiring an additional 3,269,531 shares in the last quarter. CoreCap Advisors LLC boosted its position in Cenovus Energy by 21.4% in the fourth quarter. CoreCap Advisors LLC now owns 23,314 shares of the oil and gas company’s stock valued at $388,000 after buying an additional 4,102 shares in the last quarter. Mutual Advisors LLC boosted its position in Cenovus Energy by 43.6% in the fourth quarter. Mutual Advisors LLC now owns 28,831 shares of the oil and gas company’s stock valued at $480,000 after buying an additional 8,750 shares in the last quarter. Foundation Resource Management Inc. boosted its position in Cenovus Energy by 3.1% in the fourth quarter. Foundation Resource Management Inc. now owns 401,395 shares of the oil and gas company’s stock valued at $6,683,000 after buying an additional 12,105 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Cenovus Energy by 1.4% in the third quarter. Vanguard Group Inc. now owns 49,480,149 shares of the oil and gas company’s stock valued at $1,030,177,000 after buying an additional 690,057 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on CVE. Royal Bank of Canada restated an “outperform” rating and issued a $28.00 price target on shares of Cenovus Energy in a research report on Friday, January 26th. StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Thursday, November 30th. Finally, UBS Group upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating in a research report on Friday, February 23rd. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $25.00.

Cenovus Energy Trading Down 0.2 %

Shares of CVE traded down $0.04 on Wednesday, reaching $19.84. 6,941,222 shares of the company’s stock were exchanged, compared to its average volume of 11,897,594. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $37.03 billion, a P/E ratio of 12.58 and a beta of 2.13. The business has a 50 day moving average price of $17.15 and a two-hundred day moving average price of $17.93. Cenovus Energy Inc. has a 12 month low of $14.69 and a 12 month high of $21.37.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. Cenovus Energy had a net margin of 7.88% and a return on equity of 14.85%. The business had revenue of $9.65 billion during the quarter, compared to the consensus estimate of $9.73 billion. During the same period in the previous year, the firm posted $0.29 earnings per share. Research analysts anticipate that Cenovus Energy Inc. will post 1.73 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Friday, March 15th will be issued a $0.1033 dividend. This represents a $0.41 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Thursday, March 14th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.10. Cenovus Energy’s dividend payout ratio is 25.95%.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.