Hillsdale Investment Management Inc. Boosts Position in Cenovus Energy Inc $CVE

Hillsdale Investment Management Inc. raised its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 8.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 1,243,918 shares of the oil and gas company’s stock after buying an additional 98,803 shares during the quarter. Cenovus Energy comprises approximately 0.9% of Hillsdale Investment Management Inc.’s holdings, making the stock its 29th largest holding. Hillsdale Investment Management Inc.’s holdings in Cenovus Energy were worth $33,006,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Capital Research Global Investors raised its holdings in shares of 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 worth $2,103,090,000 after purchasing an additional 17,730,542 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Cenovus Energy by 12.8% in the fourth quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock valued at $1,074,660,000 after purchasing an additional 7,197,843 shares during the last quarter. Capital International Investors grew its position in Cenovus Energy by 3.9% during the 4th quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock worth $862,505,000 after purchasing an additional 1,903,432 shares during the period. FIL Ltd grew its position in Cenovus Energy by 40.0% during the 4th quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock worth $651,880,000 after purchasing an additional 11,019,212 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Cenovus Energy by 5.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 18,018,995 shares of the oil and gas company’s stock valued at $304,894,000 after buying an additional 855,618 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CVE. Royal Bank Of Canada boosted their price objective on Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a report on Tuesday, May 19th. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a report on Friday, June 26th. The Goldman Sachs Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. Finally, Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $35.25.

Cenovus Energy Stock Up 4.6%

CVE stock opened at $27.61 on Tuesday. The firm has a market cap of $51.37 billion, a PE ratio of 15.17 and a beta of 0.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57. The firm’s fifty day moving average is $27.68 and its 200 day moving average is $24.10. Cenovus Energy Inc has a one year low of $13.90 and a one year high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. The company had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.47 earnings per share. On average, research 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. Stockholders of record on Monday, June 15th were given a dividend of $0.22 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.2%. Cenovus Energy’s payout ratio is 35.16%.

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.