Bank of Nova Scotia Has $81.23 Million Stake in Cenovus Energy Inc $CVE

Bank of Nova Scotia decreased its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 21.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,971,323 shares of the oil and gas company’s stock after selling 1,598,546 shares during the quarter. Bank of Nova Scotia’s holdings in Cenovus Energy were worth $81,231,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Cetera Investment Advisers lifted its stake in Cenovus Energy by 10.9% in the first quarter. Cetera Investment Advisers now owns 51,101 shares of the oil and gas company’s stock valued at $711,000 after acquiring an additional 5,005 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Cenovus Energy by 71.1% during the 1st quarter. LPL Financial LLC now owns 215,847 shares of the oil and gas company’s stock valued at $3,002,000 after purchasing an additional 89,660 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Cenovus Energy in the 1st quarter valued at $307,000. Vanguard Group Inc. boosted its holdings in Cenovus Energy by 8.8% in the first quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company’s stock worth $757,213,000 after purchasing an additional 4,401,045 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Cenovus Energy by 12.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,466,142 shares of the oil and gas company’s stock worth $62,063,000 after purchasing an additional 507,276 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Trading Down 0.1%

Shares of Cenovus Energy stock opened at $18.32 on Monday. Cenovus Energy Inc has a 1 year low of $10.23 and a 1 year high of $18.75. The company’s fifty day simple moving average is $17.43 and its 200-day simple moving average is $15.89. The company has a market cap of $34.62 billion, a price-to-earnings ratio of 15.01 and a beta of 0.52. The company has a current ratio of 1.73, a quick ratio of 1.18 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Friday, October 31st. The oil and gas company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.40 by $0.12. The firm had revenue of $10.87 billion during the quarter, compared to analysts’ expectations of $12.51 billion. Cenovus Energy had a net margin of 6.23% and a return on equity of 10.73%. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 EPS. As a group, sell-side analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Monday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is presently 47.54%.

Analyst Upgrades and Downgrades

CVE has been the subject of a number of analyst reports. Zacks Research raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a research note on Thursday, October 30th. Raymond James Financial raised Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, October 9th. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a report on Monday, August 25th. Finally, BMO Capital Markets set a $29.00 price objective on shares of Cenovus Energy in a research note on Monday, November 17th. Four research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $25.67.

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.