TD Asset Management Inc Lowers Holdings in Cenovus Energy Inc (NYSE:CVE)

TD Asset Management Inc lessened its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 13.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,296,265 shares of the oil and gas company’s stock after selling 4,714,562 shares during the quarter. TD Asset Management Inc’s holdings in Cenovus Energy were worth $407,105,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Capital World Investors raised its position in shares of Cenovus Energy by 15.8% in the 4th quarter. Capital World Investors now owns 191,412,590 shares of the oil and gas company’s stock worth $2,901,131,000 after purchasing an additional 26,127,617 shares during the last quarter. Capital International Investors raised its position in shares of Cenovus Energy by 0.7% in the 4th quarter. Capital International Investors now owns 53,572,829 shares of the oil and gas company’s stock worth $811,769,000 after purchasing an additional 382,519 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cenovus Energy by 48.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 13,001,002 shares of the oil and gas company’s stock worth $196,935,000 after purchasing an additional 4,220,663 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Cenovus Energy by 1.0% in the 4th quarter. Mackenzie Financial Corp now owns 12,446,229 shares of the oil and gas company’s stock worth $188,467,000 after purchasing an additional 117,568 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Cenovus Energy by 29.2% in the 4th quarter. Geode Capital Management LLC now owns 8,287,334 shares of the oil and gas company’s stock worth $128,783,000 after purchasing an additional 1,873,415 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CVE shares. National Bankshares reaffirmed a “sector perform” rating on shares of Cenovus Energy in a research report on Friday, April 25th. Veritas lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 14th. The Goldman Sachs Group decreased their target price on Cenovus Energy from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, April 30th. Wall Street Zen lowered Cenovus Energy from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a research report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cenovus Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $14.48 on Friday. The business has a 50-day simple moving average of $13.99 and a two-hundred day simple moving average of $13.71. The firm has a market cap of $26.14 billion, a price-to-earnings ratio of 13.53 and a beta of 0.93. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $20.40. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.84 and a current ratio of 1.46.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.03. The business had revenue of $11.15 billion during the quarter, compared to the consensus estimate of $12.39 billion. Cenovus Energy had a return on equity of 9.56% and a net margin of 5.22%. During the same period in the previous year, the company posted $0.62 EPS. On average, analysts expect that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently declared a dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a dividend of $0.20 per share. This is an increase from Cenovus Energy’s previous dividend of $0.11. This represents a dividend yield of 4.25%. The ex-dividend date of this dividend was Friday, June 13th. Cenovus Energy’s payout ratio is currently 54.21%.

About Cenovus Energy

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.