Mackenzie Financial Corp Acquires 9,753,134 Shares of Cenovus Energy Inc $CVE

Mackenzie Financial Corp boosted its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 46.7% in the third quarter, HoldingsChannel.com reports. The firm owned 30,643,806 shares of the oil and gas company’s stock after buying an additional 9,753,134 shares during the period. Mackenzie Financial Corp’s holdings in Cenovus Energy were worth $520,196,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp bought a new stake in shares of Cenovus Energy in the 2nd quarter valued at about $27,000. Allworth Financial LP boosted its holdings in Cenovus Energy by 104.3% in the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 1,168 shares during the last quarter. Geneos Wealth Management Inc. increased its position in Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Cenovus Energy by 57.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 1,800 shares during the last quarter. Finally, Advisors Asset Management Inc. acquired a new position in shares of Cenovus Energy in the 2nd quarter worth approximately $78,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Stock Down 0.8%

CVE stock opened at $22.63 on Wednesday. The firm has a market capitalization of $42.55 billion, a PE ratio of 14.79 and a beta of 0.43. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35. Cenovus Energy Inc has a twelve month low of $10.23 and a twelve month high of $23.89. The stock’s 50 day moving average is $20.02 and its 200-day moving average is $18.23.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.08. The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $10.89 billion. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.During the same period in the prior year, the firm posted $0.07 EPS. Sell-side analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Friday, March 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 37.25%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a research note on Tuesday, January 27th. Wall Street Zen downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, February 23rd. BMO Capital Markets reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Royal Bank Of Canada lifted their target price on Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a report on Wednesday, February 18th. Finally, JPMorgan Chase & Co. restated a “neutral” rating on shares of Cenovus Energy in a report on Tuesday, January 20th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average target price of $27.33.

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.