Cenovus Energy Inc $CVE Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 19.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,634,010 shares of the oil and gas company’s stock after purchasing an additional 2,191,967 shares during the period. CIBC Asset Management Inc owned approximately 0.72% of Cenovus Energy worth $231,328,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CVE. Lighthouse Investment Partners LLC boosted its position in Cenovus Energy by 29.1% in the third quarter. Lighthouse Investment Partners LLC now owns 484,000 shares of the oil and gas company’s stock valued at $8,216,000 after buying an additional 109,000 shares during the last quarter. Canoe Financial LP acquired a new stake in Cenovus Energy during the fourth quarter valued at $102,662,000. Ninepoint Partners LP grew its position in shares of Cenovus Energy by 490.0% during the 3rd quarter. Ninepoint Partners LP now owns 3,540,000 shares of the oil and gas company’s stock valued at $60,145,000 after acquiring an additional 2,940,000 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Cenovus Energy by 24.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock valued at $303,470,000 after purchasing an additional 3,507,525 shares during the period. Finally, Greenfield Seitz Capital Management LLC increased its holdings in Cenovus Energy by 4.4% in the 3rd quarter. Greenfield Seitz Capital Management LLC now owns 1,339,954 shares of the oil and gas company’s stock worth $22,766,000 after acquiring an additional 56,507 shares in the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on CVE. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday. BMO Capital Markets reissued an “outperform” rating on shares of Cenovus Energy in a report on Friday, February 20th. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Royal Bank Of Canada lifted their price target on shares of Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, May 19th. Finally, Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $35.25.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $29.30 on Wednesday. The company has a market cap of $54.78 billion, a P/E ratio of 16.10 and a beta of 0.34. The firm has a fifty day moving average price of $27.56 and a 200 day moving average price of $22.25. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. Cenovus Energy Inc has a 12 month low of $12.88 and a 12 month high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. The company had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.Cenovus Energy’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.47 EPS. Sell-side analysts predict that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a yield of 3.0%. Cenovus Energy’s dividend payout ratio (DPR) is presently 32.42%.

About Cenovus Energy

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.