Intech Investment Management LLC Grows Stake in Cenovus Energy Inc $CVE

Intech Investment Management LLC raised its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 16.2% during the fourth quarter, HoldingsChannel reports. The fund owned 150,545 shares of the oil and gas company’s stock after buying an additional 20,994 shares during the period. Intech Investment Management LLC’s holdings in Cenovus Energy were worth $2,550,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CVE. Jones Financial Companies Lllp boosted its position in shares of Cenovus Energy by 574.8% during the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock valued at $301,000 after buying an additional 18,405 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Cenovus Energy by 6.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock valued at $10,397,000 after acquiring an additional 44,125 shares during the period. Prudential Financial Inc. bought a new position in Cenovus Energy in the second quarter valued at about $525,000. EverSource Wealth Advisors LLC lifted its holdings in Cenovus Energy by 57.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 1,800 shares during the period. Finally, Marshall Wace LLP bought a new position in Cenovus Energy in the second quarter valued at about $495,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CVE has been the topic of a number of recent research reports. Lake Street Capital set a $36.00 target price on Cenovus Energy in a report on Wednesday, May 13th. Royal Bank Of Canada raised their price objective on Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 19th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. Finally, TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $35.25.

Cenovus Energy Stock Up 3.7%

Shares of CVE opened at $29.30 on Wednesday. The business’s 50 day moving average is $27.56 and its 200 day moving average is $22.25. The company has a market capitalization of $54.78 billion, a PE ratio of 16.10 and a beta of 0.34. Cenovus Energy Inc has a 12-month low of $12.88 and a 12-month high of $32.07. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33.

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

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.22 per share. The ex-dividend date is Monday, June 15th. This represents a $0.88 annualized dividend and a yield of 3.0%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is 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.