Lodestone Wealth Management LLC Acquires 22,544 Shares of Cenovus Energy Inc. (NYSE:CVE)

Lodestone Wealth Management LLC increased its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 38.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 80,886 shares of the oil and gas company’s stock after acquiring an additional 22,544 shares during the quarter. Lodestone Wealth Management LLC’s holdings in Cenovus Energy were worth $1,353,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. First Trust Direct Indexing L.P. acquired a new position in shares of Cenovus Energy during the first quarter worth $215,000. Principal Financial Group Inc. bought a new stake in shares of Cenovus Energy in the 1st quarter valued at about $729,000. Capstone Investment Advisors LLC increased its stake in shares of Cenovus Energy by 179.9% in the first quarter. Capstone Investment Advisors LLC now owns 54,340 shares of the oil and gas company’s stock valued at $1,086,000 after buying an additional 34,925 shares during the period. Daiwa Securities Group Inc. bought a new position in shares of Cenovus Energy during the first quarter worth about $356,000. Finally, Mediolanum International Funds Ltd acquired a new position in shares of Cenovus Energy in the first quarter worth approximately $680,000. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Stock Performance

NYSE:CVE opened at $15.67 on Friday. The firm has a market capitalization of $28.67 billion, a P/E ratio of 10.81 and a beta of 2.05. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.90. The company has a fifty day moving average of $17.20 and a 200-day moving average of $18.88. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.13). The company had revenue of $10.88 billion for the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.87%. As a group, sell-side analysts anticipate that Cenovus Energy Inc. will post 1.67 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.133 per share. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s dividend payout ratio is 36.55%.

Analysts Set New Price Targets

CVE has been the subject of several analyst reports. StockNews.com upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a report on Monday, October 28th. BMO Capital Markets lowered their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday. TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Finally, Scotiabank decreased their price target on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Company 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.