Cenovus Energy Inc. (NYSE:CVE) Stake Raised by Intact Investment Management Inc.

Intact Investment Management Inc. boosted its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 8.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,386,398 shares of the oil and gas company’s stock after acquiring an additional 185,507 shares during the quarter. Cenovus Energy accounts for about 1.3% of Intact Investment Management Inc.’s investment portfolio, making the stock its 20th largest holding. Intact Investment Management Inc.’s holdings in Cenovus Energy were worth $39,916,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Blue Trust Inc. boosted its holdings in shares of Cenovus Energy by 640.3% during the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 2,651 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after buying an additional 643 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Cenovus Energy during the 1st quarter valued at $205,000. Everpar Advisors LLC purchased a new position in shares of Cenovus Energy during the 2nd quarter valued at $211,000. Finally, First Trust Direct Indexing L.P. acquired a new position in shares of Cenovus Energy in the first quarter worth $215,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on CVE shares. Scotiabank reduced their price objective on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. StockNews.com raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Finally, BMO Capital Markets decreased their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Trading Up 1.6 %

Shares of CVE stock opened at $15.92 on Monday. Cenovus Energy Inc. has a 12 month low of $14.69 and a 12 month high of $21.90. The company has a market cap of $29.12 billion, a PE ratio of 10.81 and a beta of 2.05. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. The business’s 50 day moving average is $17.20 and its two-hundred day moving average is $18.86.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.87%. The business had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same period last year, the business posted $0.72 EPS. Cenovus Energy’s revenue was down 17.9% compared to the same quarter last year. Equities analysts predict that Cenovus Energy Inc. will post 1.67 EPS for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.133 per share. This represents a $0.53 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Friday, December 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s payout ratio is currently 36.55%.

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.