Intact Investment Management Inc. Sells 127,892 Shares of Cenovus Energy Inc. (NYSE:CVE)

Intact Investment Management Inc. lowered its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 4.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,590,497 shares of the oil and gas company’s stock after selling 127,892 shares during the period. Cenovus Energy accounts for about 1.7% of Intact Investment Management Inc.’s investment portfolio, making the stock its 18th largest holding. Intact Investment Management Inc.’s holdings in Cenovus Energy were worth $43,168,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Cenovus Energy by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 49,480,149 shares of the oil and gas company’s stock worth $1,030,177,000 after buying an additional 690,057 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Cenovus Energy by 0.8% in the 3rd quarter. Wellington Management Group LLP now owns 47,327,214 shares of the oil and gas company’s stock worth $986,334,000 after buying an additional 388,652 shares during the last quarter. Boston Partners grew its stake in shares of Cenovus Energy by 8.6% in the 3rd quarter. Boston Partners now owns 29,412,644 shares of the oil and gas company’s stock worth $676,838,000 after buying an additional 2,325,082 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Cenovus Energy by 4.4% in the 4th quarter. Mackenzie Financial Corp now owns 11,053,328 shares of the oil and gas company’s stock worth $184,278,000 after buying an additional 462,273 shares during the last quarter. Finally, Ninepoint Partners LP grew its stake in shares of Cenovus Energy by 4.5% in the 4th quarter. Ninepoint Partners LP now owns 9,200,000 shares of the oil and gas company’s stock worth $153,180,000 after buying an additional 400,000 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on CVE. Morgan Stanley increased their target price on Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Thursday, April 11th. UBS Group upgraded Cenovus Energy from a “neutral” rating to a “buy” rating in a research note on Friday, February 23rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $28.00 target price on shares of Cenovus Energy in a research note on Friday, January 26th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $26.67.

Cenovus Energy Stock Performance

Shares of CVE stock traded up $0.18 on Friday, reaching $21.46. The stock had a trading volume of 7,791,147 shares, compared to its average volume of 9,089,166. The stock has a market cap of $40.03 billion, a P/E ratio of 13.58 and a beta of 2.15. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.91 and a current ratio of 1.56. The company has a 50 day simple moving average of $19.34 and a 200 day simple moving average of $18.06.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. The firm had revenue of $9.65 billion for the quarter, compared to the consensus estimate of $9.73 billion. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. During the same period last year, the business posted $0.29 EPS. Equities research analysts expect that Cenovus Energy Inc. will post 1.88 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.1033 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.10. This represents a $0.41 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date was Thursday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is 25.95%.

Cenovus Energy Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.