Intact Investment Management Inc. Buys 502,750 Shares of Cenovus Energy Inc (NYSE:CVE)

Intact Investment Management Inc. increased its holdings in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 19.2% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 3,114,698 shares of the oil and gas company's stock after buying an additional 502,750 shares during the quarter. Cenovus Energy comprises approximately 1.5% of Intact Investment Management Inc.'s portfolio, making the stock its 19th biggest position. Intact Investment Management Inc. owned about 0.17% of Cenovus Energy worth $43,294,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Farther Finance Advisors LLC boosted its holdings in Cenovus Energy by 104.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 851 shares during the last quarter. Bruce G. Allen Investments LLC bought a new stake in shares of Cenovus Energy in the first quarter worth $38,000. Blue Trust Inc. increased its position in Cenovus Energy by 54.7% during the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company's stock valued at $72,000 after acquiring an additional 1,677 shares during the last quarter. Natixis bought a new position in Cenovus Energy in the fourth quarter valued at about $98,000. Finally, Clarius Group LLC bought a new position in Cenovus Energy in the first quarter valued at about $150,000. 51.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CVE. The Goldman Sachs Group cut their target price on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Royal Bank Of Canada reissued an "outperform" rating and set a $25.00 price target on shares of Cenovus Energy in a report on Friday, April 11th. National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a research report on Friday, April 25th. Finally, Scotiabank upgraded Cenovus Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $25.75.

Cenovus Energy Trading Down 1.5%

Shares of NYSE:CVE traded down $0.22 during trading hours on Tuesday, hitting $13.71. 13,819,769 shares of the company's stock traded hands, compared to its average volume of 9,678,738. The firm has a market capitalization of $24.98 billion, a P/E ratio of 12.81 and a beta of 0.94. The business has a fifty day moving average price of $13.19 and a 200-day moving average price of $13.83. Cenovus Energy Inc has a 1 year low of $10.23 and a 1 year high of $20.76. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.46 and a quick ratio of 0.84.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results on Thursday, May 8th. The oil and gas company reported $0.32 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 5.22% and a return on equity of 9.56%. During the same period in the prior year, the business posted $0.62 earnings per share. Equities analysts expect that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently declared a dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a dividend yield of 4.25%. This is a positive change from Cenovus Energy's previous dividend of $0.11. Cenovus Energy's dividend payout ratio (DPR) is currently 54.21%.

Cenovus Energy Company Profile

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.