Intact Investment Management Inc. Grows Stock Holdings in Cenovus Energy Inc $CVE

Intact Investment Management Inc. grew its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 69.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,655,878 shares of the oil and gas company’s stock after purchasing an additional 1,500,590 shares during the period. Cenovus Energy makes up about 1.9% of Intact Investment Management Inc.’s holdings, making the stock its 14th largest holding. Intact Investment Management Inc. owned approximately 0.21% of Cenovus Energy worth $62,081,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Atlantic Union Bankshares Corp acquired a new position in Cenovus Energy during the second quarter worth $27,000. Allworth Financial LP increased its stake in shares of Cenovus Energy by 104.3% in the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 1,168 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after acquiring an additional 1,384 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in shares of Cenovus Energy by 39.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,205 shares of the oil and gas company’s stock valued at $57,000 after acquiring an additional 1,199 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of 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 purchasing an additional 1,800 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Stock Up 1.9%

Shares of NYSE CVE opened at $18.78 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.73 and a debt-to-equity ratio of 0.25. The business’s 50 day moving average is $17.47 and its two-hundred day moving average is $16.71. Cenovus Energy Inc has a 52-week low of $10.23 and a 52-week high of $19.00. The firm has a market cap of $35.37 billion, a price-to-earnings ratio of 15.39 and a beta of 0.49.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.40 by $0.12. The business had revenue of $10.87 billion during the quarter, compared to analyst estimates of $12.51 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 6.23%.The company’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period last year, the business posted $0.42 earnings per share. Research analysts predict that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Monday, December 15th. Cenovus Energy’s payout ratio is currently 46.72%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. BMO Capital Markets set a $29.00 target price on shares of Cenovus Energy in a research note on Monday, November 17th. TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, December 3rd. Royal Bank Of Canada upped their price objective on Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, November 17th. The Goldman Sachs Group began coverage on Cenovus Energy in a research report on Friday, January 2nd. They issued a “buy” rating and a $20.00 price objective for the company. Finally, Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research report on Thursday, November 20th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $27.00.

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.