DORCHESTER WEALTH MANAGEMENT Co Boosts Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)

DORCHESTER WEALTH MANAGEMENT Co raised its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 1.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 222,071 shares of the oil and gas company’s stock after acquiring an additional 4,160 shares during the period. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Cenovus Energy were worth $3,123,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the company. Smead Capital Management Inc. grew its stake in Cenovus Energy by 39.3% during the third quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock valued at $257,831,000 after acquiring an additional 4,351,960 shares in the last quarter. Geode Capital Management LLC grew its stake in Cenovus Energy by 9.7% during the third quarter. Geode Capital Management LLC now owns 6,413,919 shares of the oil and gas company’s stock valued at $109,232,000 after acquiring an additional 568,732 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Cenovus Energy by 23.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 4,980,853 shares of the oil and gas company’s stock valued at $83,330,000 after acquiring an additional 952,477 shares in the last quarter. Alberta Investment Management Corp grew its stake in Cenovus Energy by 10.1% during the fourth quarter. Alberta Investment Management Corp now owns 4,494,400 shares of the oil and gas company’s stock valued at $68,094,000 after acquiring an additional 411,000 shares in the last quarter. Finally, Swiss National Bank grew its stake in Cenovus Energy by 0.4% during the third quarter. Swiss National Bank now owns 4,211,235 shares of the oil and gas company’s stock valued at $70,546,000 after acquiring an additional 17,900 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

CVE has been the subject of several recent analyst reports. National Bank Financial cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday. Royal Bank of Canada reduced their price objective on shares of Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Friday. BMO Capital Markets cut their price target 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, November 1st. Finally, StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.25.

Cenovus Energy Price Performance

CVE stock opened at $14.61 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy Inc. has a one year low of $13.76 and a one year high of $21.90. The stock has a market cap of $26.64 billion, a PE ratio of 12.07 and a beta of 1.99. The firm has a 50 day simple moving average of $14.99 and a two-hundred day simple moving average of $16.29.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $11.08 billion. On average, analysts predict 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 will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.1269 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.51 annualized dividend and a yield of 3.47%. Cenovus Energy’s payout ratio is currently 42.15%.

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.