Ninepoint Partners LP Has $15.15 Million Stake in Cenovus Energy Inc. (NYSE:CVE)

Ninepoint Partners LP lessened its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 86.7% in the fourth quarter, HoldingsChannel reports. The fund owned 1,000,000 shares of the oil and gas company’s stock after selling 6,500,000 shares during the period. Cenovus Energy makes up about 2.2% of Ninepoint Partners LP’s portfolio, making the stock its 9th biggest position. Ninepoint Partners LP’s holdings in Cenovus Energy were worth $15,150,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its stake in shares of Cenovus Energy by 104.9% in the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 851 shares during the last quarter. Wahed Invest LLC lifted its stake in shares of Cenovus Energy by 5.6% in the 3rd quarter. Wahed Invest LLC now owns 16,489 shares of the oil and gas company’s stock valued at $276,000 after acquiring an additional 875 shares during the last quarter. Montgomery Investment Management Inc. lifted its stake in shares of Cenovus Energy by 1.6% in the 4th quarter. Montgomery Investment Management Inc. now owns 56,535 shares of the oil and gas company’s stock valued at $857,000 after acquiring an additional 894 shares during the last quarter. Harmony Asset Management LLC lifted its stake in shares of Cenovus Energy by 8.1% in the 3rd quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company’s stock valued at $224,000 after acquiring an additional 1,000 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Cenovus Energy by 1.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company’s stock valued at $1,287,000 after acquiring an additional 1,209 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Up 3.2 %

CVE stock opened at $13.49 on Friday. Cenovus Energy Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $21.90. The business’s 50 day moving average price is $14.51 and its two-hundred day moving average price is $15.68. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The company has a market capitalization of $24.58 billion, a price-to-earnings ratio of 11.14 and a beta of 1.99.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $11.08 billion. As a group, analysts forecast that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.1269 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 3.76%. Cenovus Energy’s dividend payout ratio (DPR) is 40.50%.

Analyst Ratings Changes

A number of research firms have commented on CVE. Royal Bank of Canada lowered their price target on Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Finally, National Bank Financial lowered Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $29.25.

Cenovus Energy Company Profile

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.