MFF Capital Investments Ltd Makes New $4.35 Million Investment in Cenovus Energy Inc $CVE

MFF Capital Investments Ltd bought a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 140,000 shares of the oil and gas company’s stock, valued at approximately $4,351,000. Cenovus Energy accounts for about 0.3% of MFF Capital Investments Ltd’s holdings, making the stock its 20th biggest position.

A number of other large investors also recently added to or reduced their stakes in the business. Bank of America Corp DE raised its position in Cenovus Energy by 111.2% in the 1st quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock worth $604,107,000 after purchasing an additional 11,990,405 shares during the period. The Manufacturers Life Insurance Company boosted its position in Cenovus Energy by 13.6% during the first quarter. The Manufacturers Life Insurance Company now owns 17,730,316 shares of the oil and gas company’s stock valued at $470,118,000 after buying an additional 2,117,875 shares during the period. GQG Partners LLC purchased a new stake in Cenovus Energy during the second quarter valued at about $411,552,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Cenovus Energy during the second quarter valued at about $355,752,000. Finally, TD Waterhouse Canada Inc. grew its stake in shares of Cenovus Energy by 0.3% during the third quarter. TD Waterhouse Canada Inc. now owns 9,696,020 shares of the oil and gas company’s stock valued at $305,599,000 after buying an additional 32,151 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on CVE. Jefferies Financial Group reiterated a “buy” rating on shares of Cenovus Energy in a report on Sunday, October 18th. Raymond James Financial reissued an “outperform” rating on shares of Cenovus Energy in a research note on Wednesday, October 14th. Royal Bank Of Canada increased their target price on Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, August 27th. Finally, Wall Street Zen raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Sunday, October 11th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Cenovus Energy presently has an average rating of “Buy” and a consensus target price of $39.00.

Cenovus Energy Trading Up 0.3%

NYSE:CVE opened at $27.68 on Wednesday. The company has a fifty day moving average of $31.76 and a 200 day moving average of $27.75. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $34.16. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $50.03 billion, a P/E ratio of 8.17 and a beta of 0.38.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a C$0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is 18.88%.

Cenovus Energy Profile

Cenovus Energy is an integrated energy company headquartered in Calgary, Alberta. Its activities include producing oil and natural gas, processing oil sands, refining crude oil and marketing energy products. The company’s upstream operations include oil sands and conventional assets in Western Canada, as well as offshore production. Its downstream business operates refineries in Canada and the United States, helping connect its production with markets for refined products. Cenovus was created in 2009 when Encana separated its integrated oil business.