Elevation Point Wealth Partners LLC Buys New Shares in Cenovus Energy Inc $CVE

Elevation Point Wealth Partners LLC purchased a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 29,834 shares of the oil and gas company’s stock, valued at approximately $740,000.

A number of other hedge funds also recently made changes to their positions in the stock. Transamerica Financial Advisors LLC grew its stake in shares of Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 1,433 shares during the period. NBC Securities Inc. raised its position in shares of Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after buying an additional 1,500 shares during the period. Gables Capital Management Inc. acquired a new position in Cenovus Energy in the second quarter valued at $35,000. Kestra Advisory Services LLC acquired a new position in Cenovus Energy in the fourth quarter valued at $38,000. Finally, Geneos Wealth Management Inc. grew its stake in Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after buying an additional 1,384 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CVE. Weiss Ratings raised shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a research report on Wednesday, May 13th. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Royal Bank Of Canada raised their price objective on Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Finally, Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and an average price target of $36.25.

Cenovus Energy Price Performance

Shares of CVE stock opened at $32.17 on Tuesday. The firm has a fifty day simple moving average of $27.93 and a 200-day simple moving average of $26.60. The company has a market capitalization of $59.50 billion, a PE ratio of 12.37 and a beta of 0.34. Cenovus Energy Inc has a twelve month low of $15.63 and a twelve month high of $33.40. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm had revenue of $14.59 billion for the quarter, compared to the consensus estimate of $11.87 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. The firm’s quarterly revenue was up 47.9% on a year-over-year basis. Equities research analysts anticipate that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s payout ratio is presently 24.62%.

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.