Cenovus Energy Inc $CVE Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lowered its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 33.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,952,688 shares of the oil and gas company’s stock after selling 2,018,635 shares during the quarter. Bank of Nova Scotia owned 0.22% of Cenovus Energy worth $67,165,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVE. Allworth Financial LP lifted its position in shares of Cenovus Energy by 104.3% in the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 1,168 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 1,384 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Cenovus Energy by 57.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 1,800 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth about $78,000. Finally, Jones Financial Companies Lllp lifted its holdings in Cenovus Energy by 16.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 6,369 shares of the oil and gas company’s stock valued at $113,000 after purchasing an additional 917 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Royal Bank Of Canada boosted their price target on shares of Cenovus Energy from $29.00 to $31.00 and gave the company an “outperform” rating in a research report on Wednesday, February 18th. Wall Street Zen cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, February 23rd. Scotiabank raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, February 20th. The Goldman Sachs Group increased 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. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Cenovus Energy in a report on Friday, February 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $29.67.

Cenovus Energy Stock Performance

NYSE CVE opened at $23.23 on Monday. The firm has a market cap of $43.67 billion, a P/E ratio of 15.18 and a beta of 0.43. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35. The company’s 50 day moving average is $20.40 and its 200-day moving average is $18.37. Cenovus Energy Inc has a 12-month low of $10.23 and a 12-month high of $24.06.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share 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 business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $10.89 billion. During the same period in the previous year, the business earned $0.07 EPS. Sell-side analysts predict that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 3.4%. Cenovus Energy’s payout ratio is presently 38.56%.

Cenovus Energy Profile

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.