TD Asset Management Inc Decreases Stake in Cenovus Energy Inc $CVE

Key Points

• TD Asset Management Inc has reduced its stake in Cenovus Energy by 22.4%, selling over 6.5 million shares, resulting in ownership of approximately 22.7 million shares valued at $308.8 million.
• Several brokerages have modified their ratings on Cenovus Energy, with Royal Bank of Canada raising its target price from $25.00 to $26.00 and National Bank Financial upgrading its rating to strong buy.
• Cenovus Energy recently declared a quarterly dividend of $0.20 per share, with a 4.6% annual yield and a dividend payout ratio of 57.43%.

TD Asset Management Inc lowered its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 22.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 22,735,699 shares of the oil and gas company's stock after selling 6,560,566 shares during the quarter. TD Asset Management Inc owned about 1.26% of Cenovus Energy worth $308,752,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of CVE. Mackenzie Financial Corp increased its holdings in Cenovus Energy by 56.5% in the 1st quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock valued at $270,742,000 after purchasing an additional 7,035,004 shares in the last quarter. Vanguard Group Inc. increased its holdings in Cenovus Energy by 8.8% in the 1st quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company's stock valued at $757,213,000 after purchasing an additional 4,401,045 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Cenovus Energy by 33.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company's stock valued at $241,513,000 after purchasing an additional 4,362,384 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Cenovus Energy by 2,719.3% in the 1st quarter. Acadian Asset Management LLC now owns 4,141,434 shares of the oil and gas company's stock valued at $57,533,000 after purchasing an additional 3,994,539 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Cenovus Energy by 40.2% in the 1st quarter. Invesco Ltd. now owns 11,281,543 shares of the oil and gas company's stock valued at $156,926,000 after purchasing an additional 3,237,659 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CVE. Weiss Ratings reiterated a "hold (c-)" rating on shares of Cenovus Energy in a report on Wednesday, October 8th. Royal Bank Of Canada raised their target price on Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. National Bank Financial upgraded Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. TD Securities restated a "buy" rating on shares of Cenovus Energy in a research note on Tuesday, September 30th. Finally, Wall Street Zen upgraded Cenovus Energy from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Cenovus Energy has a consensus rating of "Buy" and a consensus target price of $23.33.

Cenovus Energy Stock Up 0.8%

NYSE:CVE opened at $17.44 on Tuesday. The company has a market capitalization of $31.16 billion, a price-to-earnings ratio of 17.26 and a beta of 0.92. Cenovus Energy Inc has a one year low of $10.23 and a one year high of $18.60. The stock has a 50-day simple moving average of $16.49 and a 200 day simple moving average of $14.47. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. The business had revenue of $10.66 billion during the quarter, compared to the consensus estimate of $10.64 billion. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.The company's revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period last year, the firm earned $0.62 earnings per share. Sell-side analysts predict that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Monday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is 57.43%.

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.

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