Intact Investment Management Inc. Sells 289,290 Shares of Cenovus Energy Inc $CVE

Intact Investment Management Inc. decreased its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 7.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,366,588 shares of the oil and gas company’s stock after selling 289,290 shares during the period. Cenovus Energy accounts for 1.6% of Intact Investment Management Inc.’s portfolio, making the stock its 15th largest position. Intact Investment Management Inc.’s holdings in Cenovus Energy were worth $56,952,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Souders Financial Advisors bought a new position in shares of Cenovus Energy during the fourth quarter valued at approximately $181,000. Benjamin Edwards Inc. bought a new position in shares of Cenovus Energy during the fourth quarter valued at approximately $172,000. SevenBridge Financial Group LLC bought a new position in shares of Cenovus Energy during the fourth quarter valued at approximately $289,000. Mutual Advisors LLC bought a new position in shares of Cenovus Energy during the fourth quarter valued at approximately $225,000. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Cenovus Energy during the fourth quarter valued at approximately $6,942,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Up 0.1%

Shares of NYSE CVE opened at $29.30 on Monday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.04 and a current ratio of 1.57. The firm has a market capitalization of $54.93 billion, a price-to-earnings ratio of 19.15 and a beta of 0.37. The stock has a 50 day moving average price of $24.92 and a 200 day moving average price of $20.49. Cenovus Energy Inc has a 52-week low of $11.60 and a 52-week high of $29.37.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.08. The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $10.89 billion. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.During the same quarter in the previous year, the business earned $0.07 earnings per share. Sell-side analysts expect that Cenovus Energy Inc will post 2.28 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were issued a $0.20 dividend. The ex-dividend date was Friday, March 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.7%. Cenovus Energy’s payout ratio is presently 38.56%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Zacks Research raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 22nd. Royal Bank Of Canada upped their target price on Cenovus Energy from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, February 18th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Cenovus Energy in a research note on Tuesday, January 20th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Finally, UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a report on Thursday, April 9th. Four investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy has an average rating of “Buy” and an average target price of $29.67.

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.