Envestnet Asset Management Inc. Grows Position in Cenovus Energy Inc (NYSE:CVE)

Envestnet Asset Management Inc. raised its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 26.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 890,655 shares of the oil and gas company’s stock after acquiring an additional 188,982 shares during the period. Envestnet Asset Management Inc.’s holdings in Cenovus Energy were worth $12,389,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Meridian Investment Counsel Inc. increased its position in shares of Cenovus Energy by 4.9% during the 1st quarter. Meridian Investment Counsel Inc. now owns 21,275 shares of the oil and gas company’s stock valued at $296,000 after purchasing an additional 1,000 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Cenovus Energy by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,184,280 shares of the oil and gas company’s stock valued at $16,473,000 after purchasing an additional 21,281 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Cenovus Energy by 32.7% during the 1st quarter. Principal Financial Group Inc. now owns 40,386 shares of the oil and gas company’s stock valued at $561,000 after purchasing an additional 9,958 shares during the last quarter. Miller Howard Investments Inc. NY grew its position in Cenovus Energy by 11.6% during the 1st quarter. Miller Howard Investments Inc. NY now owns 117,076 shares of the oil and gas company’s stock worth $1,629,000 after acquiring an additional 12,173 shares during the last quarter. Finally, Nicholson Meyer Capital Management Inc. bought a new position in Cenovus Energy during the 1st quarter worth approximately $435,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

NYSE CVE opened at $14.07 on Friday. The stock has a 50-day simple moving average of $13.93 and a two-hundred day simple moving average of $13.74. The firm has a market capitalization of $25.46 billion, a P/E ratio of 13.15 and a beta of 0.93. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $20.40. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.84 and a current ratio of 1.46.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, May 8th. The oil and gas company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.03. Cenovus Energy had a return on equity of 9.56% and a net margin of 5.22%. The firm had revenue of $11.15 billion for the quarter, compared to analysts’ expectations of $12.39 billion. During the same period in the prior year, the firm posted $0.62 earnings per share. On average, equities analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a $0.20 dividend. This represents a yield of 4.25%. The ex-dividend date was Friday, June 13th. This is an increase from Cenovus Energy’s previous dividend of $0.11. Cenovus Energy’s dividend payout ratio is currently 54.21%.

Analyst Upgrades and Downgrades

CVE has been the subject of a number of research analyst reports. The Goldman Sachs Group lowered their target price on Cenovus Energy from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Veritas cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 14th. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. National Bankshares restated a “sector perform” rating on shares of Cenovus Energy in a research note on Friday, April 25th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $25.00 target price on shares of Cenovus Energy in a research note on Friday, April 11th. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.