Pictet Asset Management Holding SA Has $8.85 Million Holdings in Cenovus Energy Inc $CVE

Key Points

• Pictet Asset Management raised its stake in Cenovus by 20.7% in Q4 to 522,695 shares, valued at approximately $8.85 million.
• Cenovus beat Q4 EPS estimates with $0.36 per share (vs. $0.28 expected) while reporting revenue of $9.44 billion below consensus, and it recently paid a quarterly dividend of $0.20 (annualized $0.80, ~2.7% yield).
• The stock has an average analyst rating of Buy with a consensus price target of $29.67, is trading near its 52‑week high (~$29.30), and has a market cap of about $54.9 billion.

Pictet Asset Management Holding SA lifted its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 20.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 522,695 shares of the oil and gas company's stock after purchasing an additional 89,767 shares during the period. Pictet Asset Management Holding SA's holdings in Cenovus Energy were worth $8,854,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Financial Management Professionals Inc. acquired a new position in shares of Cenovus Energy during the fourth quarter worth approximately $25,000. NBC Securities Inc. lifted its position in shares of Cenovus Energy by 961.5% during the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company's stock worth $28,000 after purchasing an additional 1,500 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Cenovus Energy by 74.1% during the second 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 in the last quarter. Advisory Services Network LLC acquired a new position in shares of Cenovus Energy during the third quarter worth approximately $50,000. Finally, Allworth Financial LP lifted its position 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 worth $51,000 after purchasing an additional 737 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Trading Up 0.2%

CVE opened at $29.30 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. The company has a market cap of $54.93 billion, a price-to-earnings ratio of 19.15 and a beta of 0.37. The firm has a 50 day simple moving average of $24.92 and a 200 day simple moving average of $20.47. Cenovus Energy Inc has a fifty-two week low of $11.60 and a fifty-two week high of $29.37.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly 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 business had revenue of $9.44 billion during the quarter, compared to the consensus estimate 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 in the previous year, the firm posted $0.07 earnings per share. On average, sell-side analysts anticipate that Cenovus Energy Inc will post 2.28 earnings per share for the current year.

Cenovus Energy Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on CVE. UBS Group reiterated a "buy" rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Wall Street Zen upgraded shares of Cenovus Energy from a "hold" rating to a "buy" rating in a research report on Saturday, April 18th. Weiss Ratings reiterated a "hold (c)" rating on shares of Cenovus Energy in a research report on Friday, April 24th. TD Securities reiterated a "buy" rating on shares of Cenovus Energy in a research report on Friday, February 20th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating on shares of Cenovus Energy in a research note on Tuesday, January 20th. Four investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Cenovus Energy has an average rating of "Buy" and a consensus price target of $29.67.

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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