Intech Investment Management LLC Buys 20,994 Shares of Cenovus Energy Inc $CVE

Intech Investment Management LLC raised its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 16.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 150,545 shares of the oil and gas company’s stock after purchasing an additional 20,994 shares during the quarter. Intech Investment Management LLC’s holdings in Cenovus Energy were worth $2,550,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVE. Financial Management Professionals Inc. bought a new stake in Cenovus Energy in the fourth quarter valued at approximately $25,000. NBC Securities Inc. lifted its position in Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 1,500 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Cenovus Energy by 74.1% in the second 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 last quarter. Advisory Services Network LLC bought a new stake in Cenovus Energy in the third quarter valued at approximately $50,000. Finally, Allworth Financial LP lifted its position in Cenovus Energy by 32.2% in the third quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 737 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CVE. TD Securities restated a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Lake Street Capital set a $36.00 target price on Cenovus Energy in a report on Wednesday, May 13th. Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Cenovus Energy has a consensus rating of “Buy” and an average price target of $35.25.

Cenovus Energy Price Performance

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

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

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.22 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, June 15th. Cenovus Energy’s payout ratio is currently 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.