Harvest Portfolios Group Inc. Purchases New Holdings in Cenovus Energy Inc $CVE

Harvest Portfolios Group Inc. purchased a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 187,920 shares of the oil and gas company’s stock, valued at approximately $2,557,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Cenovus Energy by 8.8% during the 1st quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company’s stock valued at $757,213,000 after acquiring an additional 4,401,045 shares during the period. Mackenzie Financial Corp lifted its position in Cenovus Energy by 56.5% during the first quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company’s stock worth $270,742,000 after purchasing an additional 7,035,004 shares during the period. Dimensional Fund Advisors LP lifted its position in Cenovus Energy by 33.6% during the first quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company’s stock worth $241,513,000 after purchasing an additional 4,362,384 shares during the period. Smead Capital Management Inc. grew its stake in Cenovus Energy by 2.5% during the first quarter. Smead Capital Management Inc. now owns 15,495,912 shares of the oil and gas company’s stock worth $215,418,000 after buying an additional 372,680 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Cenovus Energy by 40.2% during the first quarter. Invesco Ltd. now owns 11,281,543 shares of the oil and gas company’s stock worth $156,926,000 after buying an additional 3,237,659 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on CVE shares. Zacks Research upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. National Bankshares restated an “outperform” rating on shares of Cenovus Energy in a research report on Wednesday, September 10th. National Bank Financial upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 22nd. TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a research note on Tuesday, September 30th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a report on Thursday, October 30th. Four equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $21.00.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $17.44 on Friday. The company’s 50 day moving average price is $17.05 and its two-hundred day moving average price is $15.10. The firm has a market capitalization of $30.79 billion, a P/E ratio of 17.26 and a beta of 0.86. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $18.60. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.12. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The company had revenue of $10.87 billion during the quarter, compared to the consensus estimate of $12.51 billion. During the same period in the prior year, the business earned $0.42 earnings per share. The company’s revenue for the quarter was down 7.0% compared to the same quarter last year. On average, equities analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be given a $0.20 dividend. The ex-dividend date is Monday, December 15th. This represents a $0.80 annualized dividend and a yield of 4.6%. Cenovus Energy’s dividend payout ratio (DPR) is currently 45.90%.

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.