Summit Financial LLC Takes Position in Cenovus Energy Inc. (NYSE:CVE)

Summit Financial LLC bought a new position in shares of Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 92,501 shares of the oil and gas company's stock, valued at approximately $1,401,000.

Other institutional investors also recently modified their holdings of the company. Farther Finance Advisors LLC boosted its position in Cenovus Energy by 104.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 851 shares during the last quarter. Sierra Ocean LLC purchased a new stake in Cenovus Energy during the fourth quarter worth about $67,000. Blue Trust Inc. boosted its stake in Cenovus Energy by 54.7% in the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company's stock valued at $72,000 after acquiring an additional 1,677 shares during the last quarter. Empirical Asset Management LLC bought a new position in shares of Cenovus Energy during the 4th quarter valued at approximately $174,000. Finally, SVB Wealth LLC bought a new stake in shares of Cenovus Energy in the 4th quarter worth approximately $182,000. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Price Performance

NYSE CVE traded down $1.64 on Friday, hitting $11.25. The stock had a trading volume of 16,767,705 shares, compared to its average volume of 8,595,707. The firm has a 50-day moving average of $14.09 and a 200-day moving average of $15.31. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy Inc. has a 52-week low of $11.11 and a 52-week high of $21.90. The company has a market capitalization of $20.51 billion, a price-to-earnings ratio of 9.30 and a beta of 1.46.

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Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) 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 business had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $11.08 billion. Equities analysts expect that Cenovus Energy Inc. will post 1.49 EPS for the current year.

Cenovus Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.1269 per share. This represents a $0.51 annualized dividend and a dividend yield of 4.51%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy's payout ratio is 40.50%.

Analyst Ratings Changes

CVE has been the subject of several research reports. Royal Bank of Canada reissued an "outperform" rating and set a $25.00 price objective on shares of Cenovus Energy in a report on Wednesday. National Bank Financial lowered Cenovus Energy from an "outperform" rating to a "sector perform" rating in a report on Friday, February 21st. StockNews.com lowered shares of Cenovus Energy from a "buy" rating to a "hold" rating in a research report on Saturday, December 28th. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research note on Wednesday, March 26th. Finally, Scotiabank upgraded shares of Cenovus Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $29.00.

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.