DORCHESTER WEALTH MANAGEMENT Co Acquires 6,430 Shares of Cenovus Energy Inc. (NYSE:CVE)

by · The Markets Daily

DORCHESTER WEALTH MANAGEMENT Co boosted its holdings in shares of Cenovus Energy Inc. (NYSE:CVE – Free Report) (TSE:CVE) by 3.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 217,911 shares of the oil and gas company’s stock after acquiring an additional 6,430 shares during the period. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Cenovus Energy were worth $3,392,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. SVB Wealth LLC raised its holdings in Cenovus Energy by 2.6% during the first quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock worth $394,000 after acquiring an additional 507 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after buying an additional 643 shares during the period. Cetera Advisors LLC boosted its stake in shares of Cenovus Energy by 5.2% in the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after buying an additional 801 shares during the period. Gold Investment Management Ltd. boosted its stake in shares of Cenovus Energy by 4.6% in the first quarter. Gold Investment Management Ltd. now owns 18,881 shares of the oil and gas company’s stock valued at $378,000 after buying an additional 833 shares during the period. Finally, Wolff Wiese Magana LLC boosted its stake in shares of Cenovus Energy by 71.4% in the first quarter. Wolff Wiese Magana LLC now owns 2,400 shares of the oil and gas company’s stock valued at $48,000 after buying an additional 1,000 shares during the period. 51.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Scotiabank cut their price target on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. BMO Capital Markets cut their target price on Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Finally, StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Get Our Latest Analysis on CVE

Cenovus Energy Price Performance

Shares of CVE traded down $0.06 during trading hours on Thursday, reaching $16.64. The stock had a trading volume of 495,302 shares, compared to its average volume of 8,859,892. Cenovus Energy Inc. has a 12 month low of $14.69 and a 12 month high of $21.90. The stock has a market capitalization of $30.94 billion, a PE ratio of 9.28 and a beta of 2.04. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66. The company’s 50-day moving average is $17.59 and its two-hundred day moving average is $19.09.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last issued its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.13). The firm had revenue of $10.88 billion during the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. Research analysts expect that Cenovus Energy Inc. will post 1.84 EPS for the current year.

Cenovus Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.132 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.53 annualized dividend and a dividend yield of 3.17%. Cenovus Energy’s dividend payout ratio is presently 29.44%.

About Cenovus Energy

(Free Report)

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.

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