Ninepoint Partners LP Grows Position in Cenovus Energy Inc. (NYSE:CVE)

Ninepoint Partners LP boosted its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 19.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,500,000 shares of the oil and gas company’s stock after acquiring an additional 1,200,000 shares during the period. Cenovus Energy accounts for 14.0% of Ninepoint Partners LP’s holdings, making the stock its biggest position. Ninepoint Partners LP owned 0.40% of Cenovus Energy worth $147,450,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Capital World Investors increased its stake in Cenovus Energy by 5.4% during the 4th quarter. Capital World Investors now owns 150,534,829 shares of the oil and gas company’s stock valued at $2,508,185,000 after purchasing an additional 7,750,480 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Cenovus Energy by 2.1% in the first quarter. Vanguard Group Inc. now owns 48,563,284 shares of the oil and gas company’s stock valued at $970,780,000 after purchasing an additional 1,008,341 shares during the period. Boston Partners raised its stake in shares of Cenovus Energy by 29.0% in the first quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after purchasing an additional 8,438,979 shares during the last quarter. Capital International Investors lifted its holdings in shares of Cenovus Energy by 216.3% during the first quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock worth $678,250,000 after purchasing an additional 23,202,018 shares during the period. Finally, 1832 Asset Management L.P. boosted its position in Cenovus Energy by 81.1% in the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock valued at $246,507,000 after buying an additional 5,613,320 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CVE shares. StockNews.com lowered shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 26th. Scotiabank reduced their price objective on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $30.67.

Cenovus Energy Trading Up 2.1 %

Shares of Cenovus Energy stock opened at $16.64 on Friday. The firm has a 50-day simple moving average of $18.18 and a two-hundred day simple moving average of $19.38. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66. Cenovus Energy Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The company has a market cap of $30.93 billion, a P/E ratio of 9.24 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. The business had revenue of $10.88 billion during the quarter, compared to analyst estimates of $9.78 billion. As a group, equities analysts predict that Cenovus Energy Inc. will post 1.84 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a dividend of $0.132 per share. The ex-dividend date was Friday, September 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.17%. Cenovus Energy’s dividend payout ratio (DPR) is 29.44%.

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.