Cenovus Energy Inc. (NYSE:CVE) is Ninepoint Partners LP’s 9th Largest Position

Ninepoint Partners LP reduced its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 86.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,000,000 shares of the oil and gas company’s stock after selling 6,500,000 shares during the quarter. Cenovus Energy makes up about 2.2% of Ninepoint Partners LP’s holdings, making the stock its 9th largest position. Ninepoint Partners LP owned about 0.05% of Cenovus Energy worth $15,150,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of CVE. Truvestments Capital LLC purchased a new stake in Cenovus Energy in the third quarter worth $25,000. Farther Finance Advisors LLC grew its position in shares of Cenovus Energy by 104.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 851 shares in the last quarter. Sierra Ocean LLC purchased a new position in shares of Cenovus Energy in the fourth quarter valued at $67,000. Blue Trust Inc. grew its position in shares of Cenovus Energy by 54.7% in the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after purchasing an additional 1,677 shares in the last quarter. Finally, SevenBridge Financial Group LLC purchased a new position in shares of Cenovus Energy in the third quarter valued at $162,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $13.49 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The business has a 50-day simple moving average of $14.51 and a 200 day simple moving average of $15.68. Cenovus Energy Inc. has a 52 week low of $12.08 and a 52 week high of $21.90. The stock has a market cap of $24.58 billion, a price-to-earnings ratio of 11.14 and a beta of 1.99.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $11.08 billion. On average, research analysts forecast that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.1269 per share. This represents a $0.51 annualized dividend and a yield of 3.76%. The ex-dividend date is Friday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is currently 40.50%.

Analyst Ratings Changes

Several brokerages have recently weighed in on CVE. National Bank Financial cut Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Finally, Royal Bank of Canada reduced their target price on Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.25.

Cenovus Energy Profile

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.