TD Waterhouse Canada Inc. Trims Stock Position in Cenovus Energy Inc $CVE

TD Waterhouse Canada Inc. cut its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 0.5% in the second quarter, HoldingsChannel reports. The firm owned 9,663,869 shares of the oil and gas company’s stock after selling 44,306 shares during the period. TD Waterhouse Canada Inc.’s holdings in Cenovus Energy were worth $237,086,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in CVE. Orion Capital Management LLC acquired a new stake in Cenovus Energy during the 2nd quarter worth about $25,000. Gables Capital Management Inc. acquired a new position in shares of Cenovus Energy in the 2nd quarter valued at about $35,000. Transamerica Financial Advisors LLC boosted its stake in shares of Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after buying an additional 1,433 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Cenovus Energy in the fourth quarter worth about $38,000. Finally, Allworth Financial LP acquired a new stake in Cenovus Energy during the second quarter worth about $68,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CVE. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Wednesday. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $32.81 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc has a twelve month low of $15.63 and a twelve month high of $33.40. The business has a 50-day moving average price of $29.01 and a 200 day moving average price of $27.22. The firm has a market cap of $60.45 billion, a PE ratio of 12.62 and a beta of 0.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.11. The company had revenue of $14.59 billion during the quarter, compared to analysts’ expectations of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.Cenovus Energy’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS. Sell-side analysts predict that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.22 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. Cenovus Energy’s payout ratio is 24.62%.

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.