589,828 Shares in Cenovus Energy Inc $CVE Purchased by Cidel Asset Management Inc.

Cidel Asset Management Inc. acquired a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 589,828 shares of the oil and gas company’s stock, valued at approximately $14,630,000.

A number of other large investors also recently made changes to their positions in CVE. Capital Research Global Investors grew its position in Cenovus Energy by 16.6% during the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock valued at $2,103,090,000 after purchasing an additional 17,730,542 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Cenovus Energy in the 2nd quarter worth approximately $423,886,000. GQG Partners LLC acquired a new stake in shares of Cenovus Energy during the 2nd quarter valued at $411,552,000. Bank of America Corp DE acquired a new stake in shares of Cenovus Energy during the 2nd quarter valued at $369,701,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Cenovus Energy during the 2nd quarter valued at $355,752,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Stock Up 2.6%

Cenovus Energy stock opened at $33.22 on Wednesday. The company has a market capitalization of $61.19 billion, a P/E ratio of 12.78 and a beta of 0.35. The firm’s fifty day simple moving average is $29.48 and its 200-day simple moving average is $27.45. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc has a 1-year low of $15.63 and a 1-year high of $33.79.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.11. The firm had revenue of $14.59 billion during the quarter, compared to analysts’ expectations of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. Cenovus Energy’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.45 earnings per share. Sell-side analysts forecast that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.6%. Cenovus Energy’s payout ratio is currently 24.23%.

Analyst Upgrades and Downgrades

CVE has been the subject of several recent research reports. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, September 2nd. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, August 27th. Finally, Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $39.00.

Cenovus Energy Company Profile

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.