CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Purchases 116,000 Shares of Cenovus Energy Inc $CVE

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 33.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 460,000 shares of the oil and gas company’s stock after buying an additional 116,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Cenovus Energy were worth $7,783,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Geneos Wealth Management Inc. boosted its position in Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 1,384 shares during the last quarter. Advisory Services Network LLC bought a new position in Cenovus Energy in the 3rd quarter valued at $50,000. Allworth Financial LP boosted its position in Cenovus Energy by 32.2% in the 3rd quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 737 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Cenovus Energy by 24.4% in the 4th quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company’s stock valued at $56,000 after buying an additional 649 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Cenovus Energy by 57.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after buying an additional 1,800 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on CVE. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Veritas upgraded Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. Royal Bank Of Canada raised their price target on Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 18th. Scotiabank upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 20th. Finally, Wall Street Zen upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $29.67.

Cenovus Energy Stock Performance

CVE stock opened at $24.49 on Friday. The business’s 50-day moving average price is $24.02 and its two-hundred day moving average price is $19.87. The company has a current ratio of 1.57, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35. The firm has a market cap of $46.02 billion, a PE ratio of 16.01 and a beta of 0.34. Cenovus Energy Inc has a 1-year low of $11.60 and a 1-year high of $27.65.

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

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, March 13th. Cenovus Energy’s payout ratio is 38.56%.

Cenovus Energy 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.