6,068,200 Shares in Cenovus Energy Inc $CVE Purchased by Canoe Financial LP

Canoe Financial LP bought a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 6,068,200 shares of the oil and gas company’s stock, valued at approximately $102,662,000. Canoe Financial LP owned approximately 0.32% of Cenovus Energy at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Capital Research Global Investors grew 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 purchasing an additional 79,345,506 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of Cenovus Energy by 322.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company’s stock worth $211,338,000 after purchasing an additional 11,849,355 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Cenovus Energy by 46.7% in the 3rd quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after buying an additional 9,753,134 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Cenovus Energy by 494.2% in the 3rd quarter. CIBC Asset Management Inc now owns 11,442,043 shares of the oil and gas company’s stock valued at $194,493,000 after buying an additional 9,516,460 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Cenovus Energy by 37.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 14,428,074 shares of the oil and gas company’s stock valued at $245,133,000 after buying an additional 3,945,324 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

NYSE CVE opened at $26.83 on Friday. The business’s 50-day moving average price is $21.99 and its 200 day moving average price is $18.95. The company has a current ratio of 1.57, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35. Cenovus Energy Inc has a twelve month low of $10.23 and a twelve month high of $26.87. The company has a market capitalization of $50.43 billion, a PE ratio of 17.53 and a beta of 0.43.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.08. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $10.89 billion. During the same quarter in the prior year, the company posted $0.07 EPS. On average, research analysts predict that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.0%. Cenovus Energy’s payout ratio is currently 38.56%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. The Goldman Sachs Group raised their price target on Cenovus Energy from $22.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, March 12th. Wall Street Zen lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, February 23rd. Zacks Research upgraded Cenovus Energy from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 24th. Royal Bank Of Canada boosted their target price on shares of Cenovus Energy from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, February 18th. Finally, JPMorgan Chase & Co. restated a “neutral” rating on shares of Cenovus Energy in a report on Tuesday, January 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $29.67.

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.