Cenovus Energy Inc $CVE Stock Acquired by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada increased its Cenovus Energy stake by 0.3% in the third quarter, holding 9.7 million shares worth approximately $305.6 million. Institutional investors collectively own 51.19% of the company.
• Cenovus shares rose 3.1% to $32.95, near their 12-month high of $34.16. The company reported quarterly revenue of $14.59 billion, up 47.9% year over year, and earnings of $1.11 per share.
• Cenovus maintains a quarterly dividend of C$0.22, representing an annualized yield of 2.7%. Analysts maintain a consensus “Buy” rating with an average price target of $39.00.

TD Waterhouse Canada Inc. grew its holdings in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 0.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,696,020 shares of the oil and gas company's stock after purchasing an additional 32,151 shares during the quarter. Cenovus Energy accounts for about 0.8% of TD Waterhouse Canada Inc.'s holdings, making the stock its 29th biggest holding. TD Waterhouse Canada Inc. owned about 0.53% of Cenovus Energy worth $305,599,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. The Manufacturers Life Insurance Company acquired a new stake in Cenovus Energy during the 2nd quarter worth approximately $423,886,000. GQG Partners LLC purchased a new position in Cenovus Energy in the 2nd quarter valued at approximately $411,552,000. Bank of America Corp DE purchased a new position in Cenovus Energy in the 2nd quarter valued at approximately $369,701,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Cenovus Energy in the second quarter worth $355,752,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Cenovus Energy in the second quarter worth $261,811,000. Hedge funds and other institutional investors own 51.19% of the company's stock.

Cenovus Energy Stock Up 3.1%

Shares of CVE stock traded up $0.98 on Friday, reaching $32.95. 7,498,810 shares of the stock were exchanged, compared to its average volume of 7,430,596. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The business's 50 day moving average price is $31.96 and its 200 day moving average price is $29.08. The company has a market capitalization of $59.86 billion, a price-to-earnings ratio of 12.68 and a beta of 0.46. Cenovus Energy Inc has a twelve month low of $15.63 and a twelve month high of $34.16.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting the consensus estimate of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%. The firm had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. During the same quarter in the prior year, the company posted $0.45 earnings per share. Cenovus Energy's revenue for the quarter was up 47.9% compared to the same quarter last year. As a group, sell-side analysts expect that Cenovus Energy Inc will post 4.12 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CVE. UBS Group cut Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Wednesday, September 2nd. Zacks Research raised Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 28th. Morgan Stanley reissued an "overweight" rating on shares of Cenovus Energy in a research note on Wednesday, August 19th. Weiss Ratings upgraded Cenovus Energy from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Finally, Wall Street Zen upgraded Cenovus Energy from a "buy" rating to a "strong-buy" rating in a report on Sunday, October 11th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $39.00.

Cenovus Energy Profile

Cenovus Energy Inc NYSE: CVE is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.

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