Swiss National Bank Increases Stock Position in Cenovus Energy Inc $CVE

Swiss National Bank boosted its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 26.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,754,535 shares of the oil and gas company’s stock after buying an additional 992,900 shares during the period. Swiss National Bank owned approximately 0.25% of Cenovus Energy worth $126,000,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Canoe Financial LP bought a new position in shares of Cenovus Energy in the fourth quarter valued at approximately $102,662,000. Massachusetts Financial Services Co. MA grew its stake in Cenovus Energy by 24.3% during 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 acquiring an additional 3,507,525 shares in the last quarter. TD Asset Management Inc increased its holdings in Cenovus Energy by 3.6% during the 4th quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock worth $287,897,000 after acquiring an additional 595,518 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in Cenovus Energy by 33.7% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 460,000 shares of the oil and gas company’s stock worth $7,783,000 after acquiring an additional 116,000 shares during the period. Finally, Annex Advisory Services LLC purchased a new stake in Cenovus Energy in the 4th quarter worth approximately $2,842,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $28.30 on Tuesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. The business’s 50 day simple moving average is $27.54 and its two-hundred day simple moving average is $24.48. The stock has a market capitalization of $52.65 billion, a P/E ratio of 15.55 and a beta of 0.34. Cenovus Energy Inc has a one year low of $13.98 and a one year high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. During the same period in the previous year, the firm earned $0.47 earnings per share. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. Analysts forecast that Cenovus Energy Inc will post 3.02 EPS for the current year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.22 dividend. The ex-dividend date of this dividend was Monday, June 15th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 3.1%. Cenovus Energy’s payout ratio is 35.16%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CVE shares. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Royal Bank Of Canada boosted their target price on Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 19th. Finally, Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. Two equities research 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’s stock. According to MarketBeat, the company presently has a consensus 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.