CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Sells 430,000 Shares of Cenovus Energy Inc $CVE

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT trimmed its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 93.5% during the first quarter, HoldingsChannel reports. The fund owned 30,000 shares of the oil and gas company’s stock after selling 430,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Cenovus Energy were worth $796,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Financial Management Professionals Inc. acquired a new position in shares of Cenovus Energy during the fourth quarter worth $25,000. Transamerica Financial Advisors LLC increased its holdings in Cenovus Energy by 1,302.7% in 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 purchasing an additional 1,433 shares during the period. NBC Securities Inc. raised its position in Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Cenovus Energy during the 4th quarter worth about $38,000. Finally, Advisory Services Network LLC acquired a new position in Cenovus Energy during the 3rd quarter worth about $50,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Stock Down 0.0%

Shares of NYSE CVE opened at $24.64 on Monday. The firm has a market cap of $45.85 billion, a PE ratio of 13.54 and a beta of 0.34. Cenovus Energy Inc has a 12-month low of $13.85 and a 12-month high of $32.07. The company’s fifty day simple moving average is $27.86 and its 200 day simple moving average is $23.71. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33.

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, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. During the same period in the previous year, the firm posted $0.47 earnings per share. The business’s revenue was up 1.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Cenovus Energy Inc will post 3.02 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.22 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.6%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is 35.16%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CVE. Weiss Ratings downgraded Cenovus Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a research note on Wednesday, May 13th. Finally, Veritas upgraded shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average 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.