Cenovus Energy Inc $CVE Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 13.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,730,316 shares of the oil and gas company’s stock after buying an additional 2,117,875 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Cenovus Energy were worth $470,118,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Financial Management Professionals Inc. acquired a new position in Cenovus Energy in the 4th quarter valued at about $25,000. Transamerica Financial Advisors LLC lifted its position in shares of Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 1,433 shares in the last quarter. NBC Securities Inc. lifted its position in shares of Cenovus Energy by 961.5% during the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Cenovus Energy in the fourth quarter valued at approximately $38,000. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a research note on Wednesday, May 13th. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, May 19th. Zacks Research downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. UBS Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Finally, Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $35.25.

Cenovus Energy Stock Performance

Shares of CVE opened at $28.03 on Tuesday. Cenovus Energy Inc has a 1 year low of $14.48 and a 1 year high of $32.07. The stock has a market capitalization of $52.16 billion, a PE ratio of 15.40 and a beta of 0.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The stock has a 50-day simple moving average of $27.39 and a 200-day simple moving average of $24.91.

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 analysts’ consensus estimates of $0.56 by $0.05. The firm had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.47 earnings per share. On average, analysts predict that Cenovus Energy Inc will post 3.02 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.22 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s payout ratio is currently 34.62%.

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.