Canoe Financial LP Has $111.73 Million Holdings in Cenovus Energy Inc $CVE

Canoe Financial LP lessened its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 30.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,211,181 shares of the oil and gas company’s stock after selling 1,857,019 shares during the period. Cenovus Energy comprises 1.5% of Canoe Financial LP’s holdings, making the stock its 27th biggest holding. Canoe Financial LP’s holdings in Cenovus Energy were worth $111,726,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Financial Management Professionals Inc. bought a new position in shares of Cenovus Energy in the fourth quarter worth about $25,000. Transamerica Financial Advisors LLC grew its holdings in shares of Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,433 shares during the last quarter. NBC Securities Inc. grew its holdings in shares of Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Cenovus Energy during the 4th quarter worth approximately $38,000. Finally, Geneos Wealth Management Inc. increased its position in 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 purchasing an additional 1,384 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at $24.80 on Monday. The business has a 50 day moving average of $27.93 and a 200-day moving average of $23.46. The company has a market capitalization of $46.15 billion, a P/E ratio of 13.63 and a beta of 0.34. Cenovus Energy Inc has a 1 year low of $13.47 and a 1 year high of $32.07. 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 (NYSE:CVE) (TSE:CVE) last posted its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $9.47 billion. During the same period last year, the company earned $0.47 EPS. The firm’s revenue was up 1.0% compared to the same quarter last year. On average, equities research analysts predict that Cenovus Energy Inc will post 3.15 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 15th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 3.5%. Cenovus Energy’s payout ratio is 35.16%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Royal Bank Of Canada upped their price target on shares of Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Tuesday, May 19th. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Finally, Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.25.

Cenovus Energy Company 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.