JCIC Asset Management Inc. Makes New $4.85 Million Investment in Cenovus Energy Inc $CVE

JCIC Asset Management Inc. acquired a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 285,965 shares of the oil and gas company’s stock, valued at approximately $4,854,000. Cenovus Energy accounts for approximately 1.5% of JCIC Asset Management Inc.’s investment portfolio, making the stock its 21st largest holding.

Several other hedge funds and other institutional investors have also modified their holdings of CVE. Ridgewood Investments LLC bought a new stake in Cenovus Energy in the second quarter valued at $27,000. Atlantic Union Bankshares Corp bought a new stake in shares of Cenovus Energy in the 2nd quarter worth about $27,000. Allworth Financial LP increased its position in shares of Cenovus Energy by 104.3% during the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 1,168 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Cenovus Energy by 39.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,205 shares of the oil and gas company’s stock valued at $57,000 after purchasing an additional 1,199 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $18.02 on Monday. The business’s 50-day simple moving average is $17.45 and its 200 day simple moving average is $16.57. The company has a quick ratio of 1.18, a current ratio of 1.73 and a debt-to-equity ratio of 0.25. The stock has a market cap of $33.94 billion, a price-to-earnings ratio of 14.77 and a beta of 0.49. Cenovus Energy Inc has a 12-month low of $10.23 and a 12-month high of $18.75.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. The firm had revenue of $10.87 billion during the quarter, compared to analysts’ expectations of $12.51 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 6.23%.The company’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.42 EPS. As a group, research analysts anticipate that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.4%. The ex-dividend date was Monday, December 15th. Cenovus Energy’s dividend payout ratio is currently 46.72%.

Wall Street Analyst Weigh In

CVE has been the subject of several recent analyst reports. Zacks Research raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 16th. Weiss Ratings restated a “hold (c)” rating on shares of Cenovus Energy in a research report on Thursday, October 30th. The Goldman Sachs Group assumed coverage on Cenovus Energy in a research report on Friday, January 2nd. They issued a “buy” rating and a $20.00 price objective for the company. Royal Bank Of Canada boosted their price objective on Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, November 17th. Finally, Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research note on Thursday, November 20th. Four equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $27.00.

Cenovus Energy Company 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.