Oppenheimer Asset Management Inc. Purchases 66,987 Shares of Cenovus Energy Inc (NYSE:CVE)

Oppenheimer Asset Management Inc. grew its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 164.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 107,641 shares of the oil and gas company's stock after buying an additional 66,987 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Cenovus Energy were worth $1,497,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital World Investors grew its holdings in Cenovus Energy by 15.8% during the 4th quarter. Capital World Investors now owns 191,412,590 shares of the oil and gas company's stock valued at $2,901,131,000 after buying an additional 26,127,617 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Cenovus Energy by 48.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 13,001,002 shares of the oil and gas company's stock worth $196,935,000 after acquiring an additional 4,220,663 shares in the last quarter. Toronto Dominion Bank increased its position in shares of Cenovus Energy by 91.7% during 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 last quarter. Franklin Resources Inc. increased its position 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 valued at $65,667,000 after acquiring an additional 2,221,549 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Cenovus Energy by 29.2% during the 4th quarter. Geode Capital Management LLC now owns 8,287,334 shares of the oil and gas company's stock valued at $128,783,000 after purchasing an additional 1,873,415 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Veritas downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Scotiabank raised shares of Cenovus Energy to a "strong-buy" rating in a report on Wednesday, March 19th. National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a research report on Friday, April 25th. Royal Bank Of Canada restated an "outperform" rating and set a $25.00 target price on shares of Cenovus Energy in a research report on Friday, April 11th. Finally, The Goldman Sachs Group cut their price target on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $25.75.

Cenovus Energy Stock Performance

NYSE CVE traded up $0.29 during trading hours on Tuesday, hitting $13.89. 6,507,770 shares of the stock were exchanged, compared to its average volume of 9,781,428. The company has a quick ratio of 0.84, a current ratio of 1.46 and a debt-to-equity ratio of 0.25. The company has a market cap of $25.13 billion, a price-to-earnings ratio of 12.98 and a beta of 0.93. Cenovus Energy Inc has a 12-month low of $10.23 and a 12-month high of $20.76. The stock has a 50-day moving average of $13.37 and a 200 day moving average of $13.78.

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

Cenovus Energy Increases Dividend

The firm also recently declared a dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a $0.20 dividend. The ex-dividend date of this dividend was Friday, June 13th. This is a positive change from Cenovus Energy's previous dividend of $0.11. This represents a dividend yield of 4.25%. Cenovus Energy's payout ratio is 54.21%.

Cenovus Energy 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.