Purpose Unlimited Inc. Takes Position in Cenovus Energy Inc $CVE

Purpose Unlimited Inc. bought a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 513,267 shares of the oil and gas company’s stock, valued at approximately $8,685,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CVE. Ninepoint Partners LP lifted its stake in shares of Cenovus Energy by 490.0% in the 3rd quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock worth $60,145,000 after purchasing an additional 2,940,000 shares during the period. Lighthouse Investment Partners LLC grew its position in Cenovus Energy by 29.1% during the third quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock valued at $8,216,000 after buying an additional 109,000 shares during the period. Canoe Financial LP bought a new stake in Cenovus Energy during the fourth quarter valued at approximately $102,662,000. Massachusetts Financial Services Co. MA increased its holdings in Cenovus Energy by 24.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock valued at $303,470,000 after buying an additional 3,507,525 shares during the last quarter. Finally, TD Asset Management Inc raised its position in Cenovus Energy by 3.6% in the fourth quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock worth $287,897,000 after acquiring an additional 595,518 shares during the period. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Price Performance

NYSE CVE opened at $25.15 on Friday. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. Cenovus Energy Inc has a 12 month low of $13.47 and a 12 month high of $32.07. The stock has a market cap of $47.02 billion, a price-to-earnings ratio of 13.82 and a beta of 0.34. The company’s 50 day moving average is $28.00 and its two-hundred day moving average is $23.18.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. The business had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company’s revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.47 earnings per share. As a group, research analysts anticipate that Cenovus Energy Inc will post 3.15 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.88 annualized dividend and a yield of 3.5%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s payout ratio is currently 35.16%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CVE. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Lake Street Capital set a $36.00 price objective on Cenovus Energy in a research note on Wednesday, May 13th. Zacks Research cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. The Goldman Sachs Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Finally, Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.25.

About Cenovus Energy

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.