31,597 Shares of Cenovus Energy Inc $CVE Bought by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC bought a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 31,597 shares of the oil and gas company’s stock, valued at approximately $982,000.

Several other institutional investors also recently modified their holdings of the stock. Lifetime Wealth Management P.C. bought a new position in Cenovus Energy during the 3rd quarter worth approximately $202,000. Accordant Advisory Group Inc increased its stake in Cenovus Energy by 19.3% in the third quarter. Accordant Advisory Group Inc now owns 109,589 shares of the oil and gas company’s stock valued at $3,406,000 after purchasing an additional 17,761 shares in the last quarter. Vise Technologies Inc. increased its stake in Cenovus Energy by 5.0% in the third quarter. Vise Technologies Inc. now owns 56,219 shares of the oil and gas company’s stock valued at $1,747,000 after purchasing an additional 2,676 shares in the last quarter. Cidel Asset Management Inc. increased its stake in Cenovus Energy by 18.9% in the third quarter. Cidel Asset Management Inc. now owns 701,581 shares of the oil and gas company’s stock valued at $21,862,000 after purchasing an additional 111,753 shares in the last quarter. Finally, MGO One Seven LLC increased its stake in Cenovus Energy by 3.7% in the third quarter. MGO One Seven LLC now owns 37,560 shares of the oil and gas company’s stock valued at $1,167,000 after purchasing an additional 1,330 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Trading Down 7.7%

NYSE:CVE opened at $28.38 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The business’s 50-day simple moving average is $32.09 and its 200-day simple moving average is $27.56. Cenovus Energy Inc has a fifty-two week low of $15.63 and a fifty-two week high of $34.16. The stock has a market capitalization of $51.56 billion, a PE ratio of 10.92 and a beta of 0.38.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Wednesday, November 4th. The oil and gas company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.19. The business had revenue of $13.44 billion during the quarter, compared to analysts’ expectations of $11.85 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%. Sell-side analysts expect that Cenovus Energy Inc will post 4.12 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be issued a C$0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, December 15th. Cenovus Energy’s dividend payout ratio is 24.62%.

Trending Headlines about Cenovus Energy

Here are the key news stories impacting Cenovus Energy this week:

• Positive Sentiment: Cenovus reported Q3 earnings of $1.31 per share, above the $1.12 consensus estimate, and said it generated about C$5.0 billion in adjusted funds flow and C$3.6 billion in free funds flow. Record upstream production reached 1.024 million barrels of oil equivalent per day. Reuters report on Q3 results
• Positive Sentiment: The company declared a quarterly dividend of C$0.22 per share, payable December 31 to shareholders of record December 15. Cenovus Q3 results release
• Negative Sentiment: Canadian crude discounts widened to their largest level since 2018, raising a potential concern for realized oil prices. Cenovus called the widening temporary and said it would not change production plans, but the issue may have contributed to the shares’ decline despite the earnings beat. Article on Canadian crude discounts

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CVE shares. Gerdes Energy Research upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Wednesday, September 2nd. Raymond James Financial reissued an “outperform” rating on shares of Cenovus Energy in a report on Wednesday, October 14th. Jefferies Financial Group reissued a “buy” rating on shares of Cenovus Energy in a report on Sunday, October 18th. JPMorgan Chase & Co. upgraded shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a research report on Tuesday, September 8th. Finally, Desjardins raised Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $39.00.

Cenovus Energy Profile

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.