Bank of Nova Scotia acquired a new stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 6,318,404 shares of the oil and gas company's stock, valued at approximately $156,763,000. Bank of Nova Scotia owned about 0.34% of Cenovus Energy at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of CVE. Transamerica Financial Advisors LLC raised its holdings in 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 buying an additional 1,433 shares during the last quarter. NBC Securities Inc. boosted its position in 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 buying an additional 1,500 shares during the period. Gables Capital Management Inc. bought a new stake in Cenovus Energy in the 2nd quarter worth $35,000. Kestra Advisory Services LLC bought a new stake in Cenovus Energy in the 4th quarter worth $38,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock valued at $44,000 after acquiring an additional 1,384 shares during the period. Hedge funds and other institutional investors own 51.19% of the company's stock.
Analysts Set New Price Targets
Several research firms recently issued reports on CVE. Morgan Stanley reissued an "overweight" rating on shares of Cenovus Energy in a research note on Wednesday. Scotiabank reiterated an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Weiss Ratings raised Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Zacks Research downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 16th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $36.25.
Check Out Our Latest Report on CVE
Cenovus Energy Price Performance
Shares of NYSE:CVE opened at $32.99 on Friday. The business has a fifty day moving average price of $27.83 and a 200-day moving average price of $26.46. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The company has a market capitalization of $61.01 billion, a PE ratio of 12.69 and a beta of 0.34. Cenovus Energy Inc has a 1-year low of $15.44 and a 1-year high of $33.40.
Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting analysts' consensus estimates of $1.11. The business had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. Cenovus Energy's revenue was up 47.9% compared to the same quarter last year. During the same period last year, the business earned $0.45 EPS. As a group, equities analysts expect that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.
Cenovus Energy Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. Cenovus Energy's dividend payout ratio (DPR) is 24.62%.
About Cenovus Energy
(
Free Report)
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.
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