Cenovus Energy Inc $CVE Shares Acquired by TD Asset Management Inc

Key Points

• TD Asset Management increased its Cenovus Energy stake by 3.6% in the fourth quarter, adding 595,518 shares to hold about 17.0 million shares valued at roughly $287.9 million.
• Cenovus reported better-than-expected quarterly results, posting EPS of $0.61 versus the $0.56 consensus and revenue of $10.79 billion versus $9.47 billion expected.
• The company raised its quarterly dividend to $0.22 per share from $0.20, and analysts currently rate the stock a consensus Buy with an average target price of $35.25.

TD Asset Management Inc grew its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 3.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,995,459 shares of the oil and gas company's stock after purchasing an additional 595,518 shares during the period. TD Asset Management Inc owned approximately 0.90% of Cenovus Energy worth $287,897,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CVE. Jones Financial Companies Lllp increased its holdings in shares of Cenovus Energy by 574.8% in the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company's stock valued at $301,000 after purchasing an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Cenovus Energy by 6.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company's stock valued at $10,397,000 after purchasing an additional 44,125 shares during the period. Prudential Financial Inc. acquired a new position in shares of Cenovus Energy in the second quarter valued at approximately $525,000. EverSource Wealth Advisors LLC increased its holdings in shares of Cenovus Energy by 57.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company's stock valued at $67,000 after purchasing an additional 1,800 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of Cenovus Energy in the second quarter valued at approximately $495,000. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Stock Up 0.8%

CVE opened at $29.51 on Thursday. The business's fifty day moving average is $27.74 and its two-hundred day moving average is $22.42. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The company has a market cap of $55.17 billion, a price-to-earnings ratio of 16.21 and a beta of 0.34. Cenovus Energy Inc has a one year low of $12.88 and a one year high of $32.07.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.05. The company had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.Cenovus Energy's quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.47 earnings per share. Analysts anticipate that Cenovus Energy Inc will post 3.15 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, June 15th. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 3.0%. Cenovus Energy's dividend payout ratio (DPR) is presently 32.42%.

Wall Street Analyst Weigh In

CVE has been the topic of a number of recent analyst reports. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Zacks Research raised Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 22nd. Royal Bank Of Canada upped their price objective on Cenovus Energy from $45.00 to $47.00 and gave the stock an "outperform" rating in a report on Tuesday, May 19th. UBS Group reaffirmed a "buy" rating on shares of Cenovus Energy in a report on Thursday, April 9th. Finally, TD Securities reaffirmed a "buy" rating on shares of Cenovus Energy in a report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy currently has a consensus rating of "Buy" and an average 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.

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