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

Northwestern Mutual Wealth Management Co. trimmed its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 78.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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.

Several other hedge funds have also recently bought and sold shares of CVE. J.W. Cole Advisors Inc. boosted its stake in shares of Cenovus Energy by 3.9% in the 4th quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock valued at $227,000 after purchasing an additional 500 shares in the last quarter. Gateway Investment Advisers LLC increased its position in shares of Cenovus Energy by 0.6% during the 4th quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company’s stock worth $1,590,000 after purchasing an additional 523 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Cenovus Energy by 0.9% during the 4th quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company’s stock worth $1,104,000 after purchasing an additional 565 shares in the last quarter. OLD National Bancorp IN lifted its holdings in Cenovus Energy by 5.2% during the 1st quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company’s stock valued at $334,000 after purchasing an additional 618 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Cenovus Energy by 24.4% in 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 buying an additional 649 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CVE has been the subject of a number of research analyst reports. Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a research note on Wednesday, May 13th. Royal Bank Of Canada raised their price target on Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Finally, Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. One 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 company. According to data from MarketBeat, Cenovus Energy currently has a consensus rating of “Moderate Buy” and an average price target of $39.00.

Cenovus Energy Price Performance

NYSE:CVE opened at $32.81 on Friday. The stock’s fifty day moving average price is $29.01 and its two-hundred day moving average price is $27.22. Cenovus Energy Inc has a 52-week low of $15.63 and a 52-week high of $33.40. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The company has a market cap of $60.45 billion, a price-to-earnings ratio of 12.62 and a beta of 0.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting analysts’ consensus estimates 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 return on equity of 21.08% and a net margin of 12.37%.The business’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same period last year, the company earned $0.45 EPS. On average, analysts anticipate that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 annualized dividend and a yield of 2.7%. Cenovus Energy’s dividend payout ratio (DPR) is currently 24.62%.

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.