Intact Investment Management Inc. Cuts Position in Cenovus Energy Inc $CVE

Intact Investment Management Inc. lessened its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 7.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,366,588 shares of the oil and gas company's stock after selling 289,290 shares during the quarter. Cenovus Energy comprises 1.6% of Intact Investment Management Inc.'s portfolio, making the stock its 15th biggest holding. Intact Investment Management Inc. owned approximately 0.18% of Cenovus Energy worth $56,952,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its holdings in Cenovus Energy by 24.4% during the 4th quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company's stock valued at $56,000 after buying an additional 649 shares in the last quarter. Bank of Stockton grew its holdings in Cenovus Energy by 5.0% during the 4th quarter. Bank of Stockton now owns 15,246 shares of the oil and gas company's stock valued at $258,000 after buying an additional 725 shares in the last quarter. Allworth Financial LP grew its holdings in Cenovus Energy by 32.2% during the 3rd quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company's stock valued at $51,000 after buying an additional 737 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in Cenovus Energy by 4.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 21,110 shares of the oil and gas company's stock valued at $359,000 after buying an additional 903 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its holdings in Cenovus Energy by 16.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 6,369 shares of the oil and gas company's stock valued at $113,000 after buying an additional 917 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Analyst Ratings Changes

CVE has been the subject of several research analyst reports. Scotiabank upgraded Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, February 20th. Royal Bank Of Canada raised their price target on Cenovus Energy from $29.00 to $31.00 and gave the company an "outperform" rating in a report on Wednesday, February 18th. TD Securities reissued a "buy" rating on shares of Cenovus Energy in a research note on Friday, February 20th. Wall Street Zen raised Cenovus Energy from a "hold" rating to a "buy" rating in a research note on Saturday, April 18th. Finally, The Goldman Sachs Group boosted their price objective on Cenovus Energy from $22.00 to $29.00 and gave the stock a "buy" rating in a research note on Thursday, March 12th. Four analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $29.67.

Cenovus Energy Trading Up 0.1%

Shares of NYSE CVE opened at $29.30 on Monday. The business's 50 day moving average is $24.92 and its two-hundred day moving average is $20.49. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. Cenovus Energy Inc has a 1-year low of $11.60 and a 1-year high of $29.37. The stock has a market capitalization of $54.93 billion, a P/E ratio of 19.15 and a beta of 0.37.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.08. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.The company had revenue of $9.44 billion for the quarter, compared to analysts' expectations of $10.89 billion. During the same period in the previous year, the firm posted $0.07 earnings per share. As a group, research analysts expect that Cenovus Energy Inc will post 2.28 EPS for the current year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Friday, March 13th. Cenovus Energy's payout ratio is presently 38.56%.

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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