Northwestern Mutual Wealth Management Co. Has $3.01 Million Position in Cenovus Energy Inc $CVE

Key Points

• Northwestern Mutual Wealth Management cut its Cenovus Energy stake by 78.2% in the second quarter, selling 435,085 shares and retaining 121,500 shares valued at approximately $3.01 million. Institutional investors and hedge funds collectively own 51.19% of the company.
• Cenovus reported quarterly EPS of $1.11, in line with estimates, while revenue reached $14.59 billion—up 47.9% year over year and above analyst expectations.
• The company declared a quarterly dividend of $0.22, or $0.88 annually, representing a 2.7% yield. Analysts maintain a consensus “Moderate Buy” rating with a $39 price target, compared with the stock’s reported $32.81 opening price.

Northwestern Mutual Wealth Management Co. lessened its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 78.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 121,500 shares of the oil and gas company's stock after selling 435,085 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in Cenovus Energy were worth $3,014,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Orion Capital Management LLC acquired a new position in Cenovus Energy during the 2nd quarter worth $25,000. Transamerica Financial Advisors LLC grew its position in shares of Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 1,433 shares during the last quarter. Gables Capital Management Inc. bought a new position in shares of Cenovus Energy in the second quarter worth about $35,000. Kestra Advisory Services LLC bought a new position in shares of Cenovus Energy in the fourth quarter worth about $38,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock worth $44,000 after purchasing an additional 1,384 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Price Performance

Shares of CVE stock opened at $32.81 on Friday. Cenovus Energy Inc has a one year low of $15.63 and a one year high of $33.40. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The stock has a fifty day moving average price of $29.01 and a 200 day moving average price of $27.22. The stock has a market cap of $60.45 billion, a P/E ratio of 12.62 and a beta of 0.35.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.11. The firm had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business's revenue for the quarter was up 47.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 EPS. Analysts predict that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy's dividend payout ratio is 24.62%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Wall Street Zen raised Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Cenovus Energy in a research note on Thursday, August 27th. The Goldman Sachs Group reissued a "buy" rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Desjardins upgraded shares of Cenovus Energy to a "moderate buy" rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Cenovus Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.00.

Cenovus Energy Profile

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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