29,094 Shares in Cenovus Energy Inc $CVE Acquired by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC bought a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 29,094 shares of the oil and gas company’s stock, valued at approximately $772,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Financial Management Professionals Inc. purchased a new position in shares of Cenovus Energy in the 4th quarter worth $25,000. Transamerica Financial Advisors LLC increased its position in Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 1,433 shares during the last quarter. NBC Securities Inc. lifted its holdings in Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 1,500 shares during the period. Kestra Advisory Services LLC bought a new position in Cenovus Energy in the fourth quarter valued at about $38,000. Finally, Geneos Wealth Management Inc. boosted its position in Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 1,384 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Trading Up 3.6%

Shares of CVE stock opened at $25.23 on Wednesday. Cenovus Energy Inc has a 52-week low of $13.90 and a 52-week high of $32.07. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The firm has a market capitalization of $46.95 billion, a PE ratio of 13.87 and a beta of 0.34. The stock has a fifty day simple moving average of $27.80 and a two-hundred day simple moving average of $23.82.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. The business had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The business’s revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.47 earnings per share. On average, analysts predict that Cenovus Energy Inc will post 3.02 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.22 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.88 annualized dividend and a yield of 3.5%. Cenovus Energy’s dividend payout ratio is 35.16%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CVE shares. UBS Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Royal Bank Of Canada increased their price target on shares of Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 19th. Weiss Ratings cut shares of Cenovus Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Finally, Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.25.

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.