Intech Investment Management LLC Boosts Holdings in Cenovus Energy Inc. (NYSE:CVE)

Intech Investment Management LLC increased its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 21.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 284,342 shares of the oil and gas company’s stock after purchasing an additional 50,898 shares during the period. Intech Investment Management LLC’s holdings in Cenovus Energy were worth $5,588,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Capital World Investors lifted its holdings in Cenovus Energy by 5.4% in the 4th quarter. Capital World Investors now owns 150,534,829 shares of the oil and gas company’s stock worth $2,508,185,000 after purchasing an additional 7,750,480 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Cenovus Energy by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 48,563,284 shares of the oil and gas company’s stock worth $970,780,000 after purchasing an additional 1,008,341 shares in the last quarter. TD Asset Management Inc lifted its holdings in Cenovus Energy by 26.5% in the 4th quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock worth $706,503,000 after purchasing an additional 8,841,374 shares in the last quarter. Boston Partners lifted its holdings in Cenovus Energy by 29.0% in the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after purchasing an additional 8,438,979 shares in the last quarter. Finally, Capital International Investors lifted its holdings in Cenovus Energy by 216.3% in the 1st quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock worth $678,250,000 after purchasing an additional 23,202,018 shares in the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CVE shares. StockNews.com downgraded Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 26th. Raymond James upgraded Cenovus Energy to a “moderate buy” rating in a research report on Tuesday, May 28th. Finally, Scotiabank lowered their target price on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $30.67.

Cenovus Energy Stock Performance

NYSE:CVE opened at $17.11 on Friday. The stock’s fifty day moving average is $18.53 and its 200 day moving average is $19.43. Cenovus Energy Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The firm has a market capitalization of $31.81 billion, a PE ratio of 9.51 and a beta of 2.05. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.13). Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. The company had revenue of $10.88 billion for the quarter, compared to analysts’ expectations of $9.78 billion. On average, sell-side analysts anticipate that Cenovus Energy Inc. will post 1.85 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a dividend of $0.132 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.53 annualized dividend and a yield of 3.09%. Cenovus Energy’s payout ratio is presently 29.44%.

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.