Healthcare of Ontario Pension Plan Trust Fund Sells 14,895,479 Shares of Cenovus Energy Inc $CVE

Healthcare of Ontario Pension Plan Trust Fund decreased its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 96.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 518,700 shares of the oil and gas company’s stock after selling 14,895,479 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Cenovus Energy were worth $13,761,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio raised its position in shares of Cenovus Energy by 1.5% in the first quarter. Public Employees Retirement System of Ohio now owns 93,860 shares of the oil and gas company’s stock valued at $2,474,000 after purchasing an additional 1,432 shares during the period. Compound Planning Inc. boosted its holdings in Cenovus Energy by 14.1% in the 1st quarter. Compound Planning Inc. now owns 13,380 shares of the oil and gas company’s stock worth $355,000 after buying an additional 1,651 shares during the period. Bank of Nova Scotia boosted its holdings in Cenovus Energy by 1.0% in the 1st quarter. Bank of Nova Scotia now owns 5,042,927 shares of the oil and gas company’s stock worth $133,806,000 after buying an additional 51,204 shares during the period. Sei Investments Co. purchased a new position in Cenovus Energy in the 1st quarter valued at approximately $210,000. Finally, Cetera Investment Advisers grew its stake in Cenovus Energy by 60.0% in the 1st quarter. Cetera Investment Advisers now owns 89,878 shares of the oil and gas company’s stock valued at $2,384,000 after buying an additional 33,703 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Down 4.3%

Shares of NYSE:CVE opened at $28.03 on Tuesday. The firm has a fifty day moving average price of $27.39 and a two-hundred day moving average price of $24.91. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy Inc has a one year low of $14.48 and a one year high of $32.07. The company has a market cap of $52.16 billion, a price-to-earnings ratio of 15.40 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. The firm had revenue of $10.79 billion during 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 revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.47 EPS. Analysts anticipate that Cenovus Energy Inc will post 3.02 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

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

Analysts Set New Price Targets

CVE has been the topic of several recent research reports. Zacks Research downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. Lake Street Capital set a $36.00 price objective on Cenovus Energy in a research note on Wednesday, May 13th. Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Finally, Royal Bank Of Canada raised their target price on Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 19th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $35.25.

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.