Cenovus Energy Inc $CVE Stake Lifted by Bank of Nova Scotia

Bank of Nova Scotia increased its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 1.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,042,927 shares of the oil and gas company’s stock after purchasing an additional 51,204 shares during the period. Bank of Nova Scotia owned 0.27% of Cenovus Energy worth $133,806,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVE. Sei Investments Co. bought a new position in Cenovus Energy during the 1st quarter valued at $210,000. Cetera Investment Advisers boosted its stake in Cenovus Energy by 60.0% during the first 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. Militia Capital Management LLC bought a new position in Cenovus Energy during the first quarter valued at about $1,740,000. First Trust Advisors LP grew its holdings in Cenovus Energy by 77.2% during the first quarter. First Trust Advisors LP now owns 434,746 shares of the oil and gas company’s stock worth $11,532,000 after acquiring an additional 189,371 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in Cenovus Energy by 14.4% during the first quarter. PNC Financial Services Group Inc. now owns 94,117 shares of the oil and gas company’s stock worth $2,497,000 after acquiring an additional 11,848 shares during the period. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Up 2.5%

NYSE:CVE opened at $29.72 on Friday. The business’s fifty day moving average price is $27.49 and its 200 day moving average price is $24.74. The firm has a market capitalization of $55.30 billion, a price-to-earnings ratio of 16.33 and a beta of 0.34. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. Cenovus Energy Inc has a 1-year low of $13.98 and a 1-year high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. During the same period in the prior year, the firm earned $0.47 earnings per share. The firm’s revenue was up 1.0% compared to the same quarter last year. On average, sell-side analysts forecast that Cenovus Energy Inc will post 3.02 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, June 15th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio (DPR) is presently 35.16%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 7th. Desjardins upgraded shares of Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Finally, Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target 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.