The Manufacturers Life Insurance Company Buys Shares of 17,117,654 Cenovus Energy Inc $CVE

The Manufacturers Life Insurance Company purchased a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 17,117,654 shares of the oil and gas company’s stock, valued at approximately $423,886,000.

Other institutional investors also recently modified their holdings of the company. TD Asset Management Inc lifted its position in shares of Cenovus Energy by 3.6% during the 4th quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock valued at $287,897,000 after acquiring an additional 595,518 shares during the period. Alberta Investment Management Corp bought a new position in Cenovus Energy during the second quarter worth $143,730,000. Beverly Hills Private Wealth LLC acquired a new stake in Cenovus Energy in the second quarter worth $2,678,000. OMERS ADMINISTRATION Corp bought a new stake in Cenovus Energy in the second quarter valued at $17,275,000. Finally, GQG Partners LLC bought a new stake in Cenovus Energy in the second quarter valued at $411,552,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CVE shares. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Wall Street Zen raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average price target of $36.25.

Cenovus Energy Stock Performance

NYSE CVE opened at $32.17 on Tuesday. The company has a fifty day moving average price of $27.93 and a 200-day moving average price of $26.60. The firm has a market cap of $59.50 billion, a price-to-earnings ratio of 12.37 and a beta of 0.34. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. Cenovus Energy Inc has a 1 year low of $15.63 and a 1 year high of $33.40.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, hitting analysts’ consensus estimates of $1.11. The business had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.Cenovus Energy’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same period last year, the company posted $0.45 earnings per share. As a group, equities research analysts predict that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.88 annualized dividend and a yield of 2.7%. Cenovus Energy’s dividend payout ratio is 24.62%.

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.