OMERS ADMINISTRATION Corp Raises Stock Position in Cenovus Energy Inc $CVE

OMERS ADMINISTRATION Corp grew its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 97.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,036 shares of the oil and gas company’s stock after purchasing an additional 44,844 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Cenovus Energy were worth $2,408,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. J.W. Cole Advisors Inc. raised its stake in shares of Cenovus Energy by 3.9% during the fourth quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock worth $227,000 after acquiring an additional 500 shares in the last quarter. Gateway Investment Advisers LLC grew its holdings in shares of Cenovus Energy by 0.6% during the 4th quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company’s stock valued at $1,590,000 after purchasing an additional 523 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Cenovus Energy by 0.9% during the 4th quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company’s stock valued at $1,104,000 after purchasing an additional 565 shares during the last quarter. OLD National Bancorp IN raised its position in Cenovus Energy by 5.2% in the 1st quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company’s stock worth $334,000 after purchasing an additional 618 shares during the period. Finally, Farther Finance Advisors LLC raised its position in Cenovus Energy by 24.4% in the 4th quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company’s stock worth $56,000 after purchasing an additional 649 shares during the period. Institutional investors own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

CVE has been the topic of several analyst reports. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. UBS Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Raymond James Financial lowered shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Tuesday, May 19th. Finally, Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $35.25.

Cenovus Energy Stock Performance

Shares of CVE opened at $27.71 on Wednesday. The company has a market cap of $51.56 billion, a price-to-earnings ratio of 15.22 and a beta of 0.34. The business’s fifty day simple moving average is $27.31 and its two-hundred day simple moving average is $24.99. Cenovus Energy Inc has a 12 month low of $14.48 and a 12 month high of $32.07. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. The firm had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.47 EPS. Research analysts anticipate that Cenovus Energy Inc will post 3.02 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued 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 of this dividend was Monday, June 15th. This represents a $0.88 annualized dividend and a dividend yield of 3.2%. Cenovus Energy’s payout ratio is currently 35.16%.

Cenovus Energy 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.