Cenovus Energy Inc $CVE Shares Bought by Triasima Portfolio Management inc.

Key Points

• Triasima Portfolio Management increased its stake in Cenovus by 179.9% in Q4 to 455,557 shares valued at $7.717 million, representing about 1.2% of Triasima’s portfolio and its 27th-largest holding.
• Analysts are broadly positive on Cenovus, with an average rating of "Buy" and an average price target of $29.67; notable moves include Goldman Sachs raising its target to $29 and upgrades from Zacks, Veritas, UBS and BMO.
• Cenovus beat Q4 EPS expectations at $0.36 (revenue missed), trades around $29.30 with a market cap near $54.9 billion, and pays a $0.20 quarterly dividend (annualized yield ~2.7%).

Triasima Portfolio Management inc. raised its position in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 179.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 455,557 shares of the oil and gas company's stock after purchasing an additional 292,782 shares during the quarter. Cenovus Energy comprises approximately 1.2% of Triasima Portfolio Management inc.'s investment portfolio, making the stock its 27th biggest holding. Triasima Portfolio Management inc.'s holdings in Cenovus Energy were worth $7,717,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Farther Finance Advisors LLC increased its stake in shares of Cenovus Energy by 24.4% during the fourth quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company's stock valued at $56,000 after acquiring an additional 649 shares during the period. Bank of Stockton increased its stake in shares of Cenovus Energy by 5.0% during the fourth quarter. Bank of Stockton now owns 15,246 shares of the oil and gas company's stock valued at $258,000 after acquiring an additional 725 shares during the period. Allworth Financial LP increased its stake in shares of Cenovus Energy by 32.2% during the third quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company's stock valued at $51,000 after acquiring an additional 737 shares during the period. Integrated Wealth Concepts LLC increased its stake in shares of Cenovus Energy by 4.5% during the third quarter. Integrated Wealth Concepts LLC now owns 21,110 shares of the oil and gas company's stock valued at $359,000 after acquiring an additional 903 shares during the period. Finally, Jones Financial Companies Lllp increased its stake in shares of Cenovus Energy by 16.8% during the third quarter. Jones Financial Companies Lllp now owns 6,369 shares of the oil and gas company's stock valued at $113,000 after acquiring an additional 917 shares during the period. Institutional investors and hedge funds own 51.19% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on CVE shares. UBS Group reiterated a "buy" rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Zacks Research upgraded shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 22nd. BMO Capital Markets reiterated an "outperform" rating on shares of Cenovus Energy in a research note on Friday, February 20th. The Goldman Sachs Group raised their price objective on shares of Cenovus Energy from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Thursday, March 12th. Finally, Veritas upgraded shares of Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a research note on Tuesday, March 10th. Four equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Cenovus Energy has an average rating of "Buy" and an average price target of $29.67.

Cenovus Energy Trading Up 0.1%

Shares of NYSE:CVE opened at $29.30 on Monday. The stock has a market capitalization of $54.93 billion, a price-to-earnings ratio of 19.15 and a beta of 0.37. Cenovus Energy Inc has a 1-year low of $11.60 and a 1-year high of $29.37. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.04 and a current ratio of 1.57. The company has a 50 day moving average price of $24.92 and a 200 day moving average price of $20.49.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.08. The firm had revenue of $9.44 billion during the quarter, compared to analysts' expectations of $10.89 billion. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. During the same period last year, the firm posted $0.07 earnings per share. On average, research analysts anticipate that Cenovus Energy Inc will post 2.28 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Friday, March 13th. Cenovus Energy's dividend payout ratio (DPR) is presently 38.56%.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

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