TD Asset Management Inc Boosts Position in Cenovus Energy Inc $CVE

TD Asset Management Inc boosted its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 3.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,995,459 shares of the oil and gas company’s stock after purchasing an additional 595,518 shares during the quarter. TD Asset Management Inc’s holdings in Cenovus Energy were worth $287,897,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Capital Research Global Investors lifted its position in shares of Cenovus Energy by 291.3% in the third quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock valued at $1,809,758,000 after acquiring an additional 79,345,506 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Cenovus Energy by 12.8% in the fourth quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock valued at $1,074,660,000 after acquiring an additional 7,197,843 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Cenovus Energy by 46.7% in the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after acquiring an additional 9,753,134 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Cenovus Energy by 24.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock valued at $303,470,000 after acquiring an additional 3,507,525 shares in the last quarter. Finally, Smead Capital Management Inc. lifted its position in shares of Cenovus Energy by 13.3% in the second quarter. Smead Capital Management Inc. now owns 17,552,075 shares of the oil and gas company’s stock valued at $238,999,000 after acquiring an additional 2,056,163 shares in the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on CVE shares. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Finally, Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $35.25.

Cenovus Energy Stock Performance

NYSE CVE opened at $29.51 on Thursday. The business’s 50-day moving average price is $27.74 and its 200 day moving average price is $22.42. Cenovus Energy Inc has a twelve month low of $12.88 and a twelve month high of $32.07. The company has a market capitalization of $55.17 billion, a PE ratio of 16.21 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.

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

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.22 per share. 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. The ex-dividend date is Monday, June 15th. Cenovus Energy’s dividend payout ratio (DPR) is currently 32.42%.

About Cenovus Energy

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.