Mackenzie Financial Corp Purchases 7,035,004 Shares of Cenovus Energy Inc (NYSE:CVE)

Key Points

• Mackenzie Financial Corp has significantly increased its stake in Cenovus Energy by 56.5% during Q1, owning over 19 million shares valued at approximately $270.7 million.
• Analyst sentiment is mixed, with Royal Bank of Canada giving an "outperform" rating and a $25.00 price target, while Goldman Sachs has lowered its target from $18.00 to $16.00.
• Cenovus Energy has declared a dividend increase to $0.20, representing a yield of 4.25%, up from its previous $0.11 dividend.

Mackenzie Financial Corp boosted its holdings in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 56.5% in the first quarter, according to its most recent filing with the SEC. The firm owned 19,481,233 shares of the oil and gas company's stock after acquiring an additional 7,035,004 shares during the period. Mackenzie Financial Corp owned 1.07% of Cenovus Energy worth $270,742,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in CVE. Toronto Dominion Bank raised its stake in shares of Cenovus Energy by 91.7% in the 4th quarter. Toronto Dominion Bank now owns 7,233,491 shares of the oil and gas company's stock valued at $109,515,000 after purchasing an additional 3,460,311 shares during the period. Polar Asset Management Partners Inc. raised its holdings in shares of Cenovus Energy by 79.8% in the fourth quarter. Polar Asset Management Partners Inc. now owns 125,637 shares of the oil and gas company's stock valued at $1,903,000 after purchasing an additional 55,780 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Cenovus Energy by 105.0% during the fourth quarter. Franklin Resources Inc. now owns 4,337,551 shares of the oil and gas company's stock worth $65,667,000 after purchasing an additional 2,221,549 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Cenovus Energy by 4.9% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,226,155 shares of the oil and gas company's stock valued at $79,176,000 after purchasing an additional 245,302 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its stake in Cenovus Energy by 185.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 48,103 shares of the oil and gas company's stock valued at $669,000 after buying an additional 31,265 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CVE. Veritas downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. The Goldman Sachs Group decreased their price target on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Royal Bank Of Canada reissued an "outperform" rating and issued a $25.00 target price on shares of Cenovus Energy in a research note on Friday, April 11th. National Bankshares reaffirmed a "sector perform" rating on shares of Cenovus Energy in a research report on Friday, April 25th. Finally, Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cenovus Energy presently has an average rating of "Moderate Buy" and an average price target of $23.00.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock traded up $0.17 on Thursday, hitting $15.24. The stock had a trading volume of 12,468,347 shares, compared to its average volume of 11,904,157. The stock has a market cap of $27.51 billion, a price-to-earnings ratio of 14.21 and a beta of 0.93. The company has a quick ratio of 0.84, a current ratio of 1.46 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc has a twelve month low of $10.23 and a twelve month high of $20.40. The business's 50 day moving average is $14.09 and its two-hundred day moving average is $13.71.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings data on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.03. The firm had revenue of $11.15 billion for the quarter, compared to analysts' expectations of $12.39 billion. Cenovus Energy had a return on equity of 9.56% and a net margin of 5.22%. During the same quarter last year, the business earned $0.62 EPS. Analysts forecast that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently declared a dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $0.20 per share. The ex-dividend date was Friday, June 13th. This represents a yield of 4.25%. This is an increase from Cenovus Energy's previous dividend of $0.11. Cenovus Energy's dividend payout ratio is currently 54.21%.

About Cenovus Energy

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.