Ninepoint Partners LP Acquires 2,940,000 Shares of Cenovus Energy Inc $CVE

Ninepoint Partners LP grew its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 490.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,540,000 shares of the oil and gas company’s stock after acquiring an additional 2,940,000 shares during the quarter. Cenovus Energy accounts for approximately 7.9% of Ninepoint Partners LP’s holdings, making the stock its 5th largest holding. Ninepoint Partners LP owned 0.20% of Cenovus Energy worth $60,145,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Harvest Portfolios Group Inc. acquired a new position in shares of Cenovus Energy in the second quarter valued at about $2,557,000. Intact Investment Management Inc. boosted its position in Cenovus Energy by 69.6% in the third quarter. Intact Investment Management Inc. now owns 3,655,878 shares of the oil and gas company’s stock valued at $62,081,000 after buying an additional 1,500,590 shares during the last quarter. Boston Partners increased its holdings in Cenovus Energy by 2.3% in the 2nd quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock worth $365,097,000 after buying an additional 606,042 shares during the period. Swiss National Bank raised its position in Cenovus Energy by 6.6% during the 2nd quarter. Swiss National Bank now owns 4,156,435 shares of the oil and gas company’s stock worth $56,341,000 after buying an additional 257,600 shares during the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in Cenovus Energy during the 2nd quarter valued at approximately $74,895,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CVE. Veritas cut shares of Cenovus Energy from a “hold” rating to a “strong sell” rating in a report on Monday, February 23rd. Royal Bank Of Canada lifted their price objective on Cenovus Energy from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, February 18th. BMO Capital Markets restated an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Cenovus Energy in a research report on Tuesday, January 27th. Finally, Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a report on Thursday, November 20th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.33.

Cenovus Energy Price Performance

NYSE:CVE opened at $22.31 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35. Cenovus Energy Inc has a 52 week low of $10.23 and a 52 week high of $23.39. The stock’s 50-day moving average price is $19.18 and its 200-day moving average price is $17.81. The stock has a market capitalization of $41.95 billion, a PE ratio of 14.58 and a beta of 0.48.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.08. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $10.89 billion. During the same quarter in the prior year, the business posted $0.07 earnings per share. As a group, equities analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a yield of 3.6%. Cenovus Energy’s dividend payout ratio (DPR) is currently 37.25%.

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.