Bank of Nova Scotia Has $105.22 Million Stake in Cenovus Energy Inc (NYSE:CVE)

Key Points

• Bank of Nova Scotia increased its position in Cenovus Energy by 3.2%, owning 7,569,869 shares valued at approximately $105.2 million as of the latest SEC filing.
• Wall Street analysts have mixed views on Cenovus Energy, with ratings ranging from "sell" to "strong buy" and a consensus rating of "Moderate Buy", accompanied by an average price target of $23.33.
• Cenovus Energy has increased its dividend to $0.20 from $0.11, which represents a notable dividend yield of 425.0%.

Bank of Nova Scotia boosted its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 3.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,569,869 shares of the oil and gas company's stock after acquiring an additional 234,840 shares during the quarter. Bank of Nova Scotia owned about 0.42% of Cenovus Energy worth $105,221,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in CVE. Capital World Investors boosted its holdings in shares of Cenovus Energy by 15.8% during the fourth quarter. Capital World Investors now owns 191,412,590 shares of the oil and gas company's stock worth $2,901,131,000 after purchasing an additional 26,127,617 shares during the last quarter. Capital International Investors boosted its holdings in shares of Cenovus Energy by 0.7% during the fourth quarter. Capital International Investors now owns 53,572,829 shares of the oil and gas company's stock worth $811,769,000 after purchasing an additional 382,519 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Cenovus Energy by 56.5% during the first quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock worth $270,742,000 after purchasing an additional 7,035,004 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Cenovus Energy by 48.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 13,001,002 shares of the oil and gas company's stock worth $196,935,000 after purchasing an additional 4,220,663 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Cenovus Energy by 29.2% during the fourth quarter. Geode Capital Management LLC now owns 8,287,334 shares of the oil and gas company's stock worth $128,783,000 after purchasing an additional 1,873,415 shares during the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Morgan Stanley reiterated an "overweight" rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Royal Bank Of Canada lifted their target price on Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Friday. National Bankshares reiterated a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. Wall Street Zen upgraded Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday. Finally, Veritas lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $23.33.

Cenovus Energy Stock Up 0.6%

Shares of NYSE:CVE traded up $0.09 during trading on Monday, hitting $14.92. The company's stock had a trading volume of 10,768,659 shares, compared to its average volume of 12,507,459. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $20.03. The stock's 50-day moving average price is $14.15 and its two-hundred day moving average price is $13.69. The company has a market capitalization of $26.93 billion, a PE ratio of 14.77 and a beta of 0.97.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.14 by $0.19. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%. The business had revenue of $10.66 billion for the quarter, compared to analysts' expectations of $10.64 billion. During the same quarter in the previous year, the firm posted $0.62 earnings per share. The company's revenue was down 12.6% compared to the same quarter last year. As a group, sell-side analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a $0.20 dividend. The ex-dividend date was Friday, June 13th. This is an increase from Cenovus Energy's previous dividend of $0.11. This represents a yield of 425.0%. Cenovus Energy's payout ratio is presently 57.43%.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.