Prevail Innovative Wealth Advisors LLC Invests $3.53 Million in Cenovus Energy Inc. (NYSE:CVE)

Prevail Innovative Wealth Advisors LLC purchased a new stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 232,692 shares of the oil and gas company’s stock, valued at approximately $3,525,000.

A number of other hedge funds have also bought and sold shares of CVE. Farther Finance Advisors LLC raised 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 buying an additional 851 shares in the last quarter. Sierra Ocean LLC bought a new position in Cenovus Energy during the 4th quarter worth $67,000. Blue Trust Inc. raised its holdings in Cenovus Energy by 54.7% in the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after acquiring an additional 1,677 shares in the last quarter. Empirical Asset Management LLC bought a new stake in shares of Cenovus Energy during the 4th quarter valued at $174,000. Finally, SVB Wealth LLC acquired a new stake in shares of Cenovus Energy during the 4th quarter worth $182,000. 51.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CVE shares. StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Royal Bank of Canada reduced their price target on shares of Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday. National Bank Financial downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. Finally, Scotiabank raised Cenovus Energy to a “strong-buy” rating in a report on Wednesday, March 19th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $29.00.

Cenovus Energy Stock Down 2.2 %

Shares of CVE opened at $13.78 on Friday. The stock has a market capitalization of $25.12 billion, a price-to-earnings ratio of 11.39 and a beta of 1.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The stock has a fifty day moving average of $14.26 and a 200-day moving average of $15.42. Cenovus Energy Inc. has a 52 week low of $12.08 and a 52 week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.27). The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $11.08 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. As a group, sell-side analysts anticipate that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.1269 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a yield of 3.68%. Cenovus Energy’s payout ratio is 40.50%.

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.