Summit Financial LLC Buys New Position in Cenovus Energy Inc. (NYSE:CVE)

Summit Financial LLC bought a new position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 92,501 shares of the oil and gas company’s stock, valued at approximately $1,401,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its position in shares of Cenovus Energy by 104.9% during the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after buying an additional 851 shares during the period. Sierra Ocean LLC bought a new position in Cenovus Energy during the fourth quarter worth $67,000. Blue Trust Inc. grew its holdings in 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 worth $72,000 after purchasing an additional 1,677 shares during the period. Empirical Asset Management LLC bought a new stake in Cenovus Energy in the fourth quarter valued at $174,000. Finally, SVB Wealth LLC acquired a new position in shares of Cenovus Energy during the fourth quarter valued at about $182,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Stock Up 0.7 %

CVE stock opened at $14.01 on Wednesday. The firm has a market capitalization of $25.53 billion, a PE ratio of 11.57 and a beta of 1.99. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc. has a twelve month low of $12.08 and a twelve month high of $21.90. The stock’s 50 day moving average is $14.22 and its 200-day moving average is $15.38.

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

Cenovus Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.1269 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date was Friday, March 14th. Cenovus Energy’s payout ratio is currently 40.50%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CVE. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research note on Wednesday, March 26th. Royal Bank of Canada reduced their price objective on Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. Finally, National Bank Financial lowered shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

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.