Zurcher Kantonalbank Zurich Cantonalbank Purchases 14,414 Shares of Cenovus Energy Inc. (NYSE:CVE)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 3.9% in the third quarter, HoldingsChannel reports. The fund owned 385,754 shares of the oil and gas company’s stock after buying an additional 14,414 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cenovus Energy were worth $6,459,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Tidal Investments LLC raised its holdings in Cenovus Energy by 29.4% during the 1st quarter. Tidal Investments LLC now owns 25,527 shares of the oil and gas company’s stock worth $510,000 after purchasing an additional 5,797 shares during the last quarter. Atria Investments Inc bought a new stake in shares of Cenovus Energy during the first quarter worth approximately $1,482,000. Cetera Advisors LLC lifted its holdings in Cenovus Energy by 5.2% in the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after buying an additional 801 shares during the period. First Hawaiian Bank boosted its stake in Cenovus Energy by 1.6% in the second quarter. First Hawaiian Bank now owns 69,273 shares of the oil and gas company’s stock valued at $1,362,000 after acquiring an additional 1,071 shares during the last quarter. Finally, Foundation Resource Management Inc. grew its holdings in Cenovus Energy by 0.8% during the 2nd quarter. Foundation Resource Management Inc. now owns 422,918 shares of the oil and gas company’s stock worth $8,315,000 after acquiring an additional 3,539 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $15.77 on Monday. The stock’s fifty day simple moving average is $16.62 and its 200 day simple moving average is $18.19. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $28.80 billion, a PE ratio of 10.88 and a beta of 2.05. Cenovus Energy Inc. has a 12 month low of $14.69 and a 12 month high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same quarter last year, the firm posted $0.72 earnings per share. Cenovus Energy’s revenue was down 17.9% compared to the same quarter last year. On average, research analysts predict that Cenovus Energy Inc. will post 1.48 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.133 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a yield of 3.37%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s payout ratio is presently 36.55%.

Analysts Set New Price Targets

CVE has been the topic of a number of analyst reports. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, November 26th. BMO Capital Markets cut their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Company 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.