Northwestern Mutual Wealth Management Co. Purchases 571,386 Shares of Cenovus Energy Inc $CVE

Northwestern Mutual Wealth Management Co. raised its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 3,341.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 588,486 shares of the oil and gas company’s stock after buying an additional 571,386 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Cenovus Energy were worth $9,957,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of CVE. Financial Management Professionals Inc. acquired a new stake in Cenovus Energy during the 4th quarter worth $25,000. NBC Securities Inc. raised its stake in shares of Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 1,500 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Cenovus Energy in the 3rd quarter valued at about $50,000. Allworth Financial LP raised its stake in shares of Cenovus Energy by 32.2% in the 3rd quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 737 shares during the period. Finally, Geneos Wealth Management Inc. raised its stake in shares of Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the period. 51.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CVE shares. TD Securities restated a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. BMO Capital Markets restated an “outperform” rating on shares of Cenovus Energy in a report on Friday, February 20th. Zacks Research upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 22nd. Veritas upgraded Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Finally, Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Cenovus Energy presently has an average rating of “Buy” and a consensus price target of $35.25.

Cenovus Energy Trading Up 2.2%

Shares of CVE stock opened at $28.17 on Tuesday. Cenovus Energy Inc has a 1 year low of $12.88 and a 1 year high of $32.07. The stock has a market cap of $52.68 billion, a P/E ratio of 15.48 and a beta of 0.34. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The stock has a 50 day simple moving average of $27.56 and a 200 day simple moving average of $22.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. The business had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company’s revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.47 earnings per share. On average, research analysts predict that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.22 dividend. The ex-dividend date is Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 3.1%. Cenovus Energy’s dividend payout ratio (DPR) is currently 32.42%.

Cenovus Energy Company 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.