Bank of Nova Scotia Purchases 51,204 Shares of Cenovus Energy Inc $CVE

Bank of Nova Scotia boosted its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 1.0% during the first quarter, Holdings Channel reports. The fund owned 5,042,927 shares of the oil and gas company’s stock after acquiring an additional 51,204 shares during the period. Bank of Nova Scotia’s holdings in Cenovus Energy were worth $133,806,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Sei Investments Co. bought a new stake in Cenovus Energy in the first quarter valued at about $210,000. Cetera Investment Advisers boosted its stake in shares of Cenovus Energy by 60.0% during the 1st quarter. Cetera Investment Advisers now owns 89,878 shares of the oil and gas company’s stock worth $2,384,000 after buying an additional 33,703 shares during the last quarter. Militia Capital Management LLC bought a new stake in shares of Cenovus Energy during the 1st quarter worth approximately $1,740,000. First Trust Advisors LP raised its position in Cenovus Energy by 77.2% during the first quarter. First Trust Advisors LP now owns 434,746 shares of the oil and gas company’s stock worth $11,532,000 after acquiring an additional 189,371 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Cenovus Energy by 14.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 94,117 shares of the oil and gas company’s stock valued at $2,497,000 after purchasing an additional 11,848 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Price Performance

CVE stock opened at $29.72 on Friday. The business has a 50-day simple moving average of $27.49 and a two-hundred day simple moving average of $24.74. Cenovus Energy Inc has a 52-week low of $13.98 and a 52-week high of $32.07. The company has a market capitalization of $55.30 billion, a P/E ratio of 16.33 and a beta of 0.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The company had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. During the same period in the prior year, the company posted $0.47 earnings per share. Cenovus Energy’s quarterly revenue was up 1.0% on a year-over-year basis. Research analysts expect that Cenovus Energy Inc will post 3.02 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.22 dividend. The ex-dividend date of this dividend was Monday, June 15th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.0%. Cenovus Energy’s dividend payout ratio is 35.16%.

Wall Street Analysts Forecast Growth

CVE has been the subject of several research analyst reports. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Finally, UBS Group reissued a “buy” rating on shares of Cenovus Energy in a report on Thursday, April 9th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Cenovus Energy currently has an average rating of “Buy” and a consensus target price of $35.25.

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.