Ninepoint Partners LP Buys 400,000 Shares of Cenovus Energy Inc. (NYSE:CVE)

Ninepoint Partners LP increased its position in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 4.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,200,000 shares of the oil and gas company's stock after acquiring an additional 400,000 shares during the period. Cenovus Energy comprises about 16.4% of Ninepoint Partners LP's investment portfolio, making the stock its biggest holding. Ninepoint Partners LP owned 0.49% of Cenovus Energy worth $153,180,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Cenovus Energy by 1.4% during the third quarter. Vanguard Group Inc. now owns 49,480,149 shares of the oil and gas company's stock valued at $1,030,177,000 after purchasing an additional 690,057 shares in the last quarter. Wellington Management Group LLP lifted its position in Cenovus Energy by 0.8% during the third quarter. Wellington Management Group LLP now owns 47,327,214 shares of the oil and gas company's stock valued at $986,334,000 after purchasing an additional 388,652 shares in the last quarter. Boston Partners lifted its position in Cenovus Energy by 8.6% during the third quarter. Boston Partners now owns 29,412,644 shares of the oil and gas company's stock valued at $676,838,000 after purchasing an additional 2,325,082 shares in the last quarter. Capital World Investors lifted its position in shares of Cenovus Energy by 30.0% in the first quarter. Capital World Investors now owns 28,481,746 shares of the oil and gas company's stock valued at $474,791,000 after acquiring an additional 6,570,038 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its position in shares of Cenovus Energy by 4.4% in the fourth quarter. Mackenzie Financial Corp now owns 11,053,328 shares of the oil and gas company's stock valued at $184,278,000 after acquiring an additional 462,273 shares in the last quarter. Institutional investors own 51.19% of the company's stock.

Cenovus Energy Trading Up 1.0 %

NYSE CVE traded up $0.20 during trading hours on Friday, hitting $20.86. 6,443,258 shares of the company were exchanged, compared to its average volume of 11,492,303. The stock has a 50-day moving average price of $18.88 and a 200 day moving average price of $18.01. The company has a quick ratio of 0.91, a current ratio of 1.56 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc. has a 52 week low of $14.69 and a 52 week high of $21.90. The stock has a market cap of $38.91 billion, a PE ratio of 13.20 and a beta of 2.15.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.04. The company had revenue of $9.65 billion for the quarter, compared to analysts' expectations of $9.73 billion. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. During the same period in the previous year, the firm posted $0.29 earnings per share. Analysts forecast that Cenovus Energy Inc. will post 1.81 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.1033 dividend. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.41 dividend on an annualized basis and a dividend yield of 1.98%. Cenovus Energy's payout ratio is presently 25.95%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CVE. UBS Group upgraded Cenovus Energy from a "neutral" rating to a "buy" rating in a research report on Friday, February 23rd. Morgan Stanley boosted their price objective on Cenovus Energy from $28.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday, March 28th. Royal Bank of Canada reiterated an "outperform" rating and issued a $28.00 target price on shares of Cenovus Energy in a research report on Friday, January 26th. Finally, StockNews.com upgraded Cenovus Energy from a "hold" rating to a "buy" rating in a research report on Thursday, April 11th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $26.67.

About Cenovus Energy

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.