Hillsdale Investment Management Inc. Raises Stock Position in Cenovus Energy Inc $CVE

Hillsdale Investment Management Inc. boosted its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 105.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,145,115 shares of the oil and gas company’s stock after purchasing an additional 586,515 shares during the period. Hillsdale Investment Management Inc. owned approximately 0.06% of Cenovus Energy worth $19,407,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CVE. Jones Financial Companies Lllp raised its stake in Cenovus Energy by 574.8% during the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after purchasing an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Cenovus Energy by 6.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock valued at $10,397,000 after acquiring an additional 44,125 shares during the last quarter. Prudential Financial Inc. acquired a new stake in shares of Cenovus Energy during the second quarter valued at about $525,000. EverSource Wealth Advisors LLC increased its position in shares of Cenovus Energy by 57.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Cenovus Energy during the second quarter valued at about $495,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Trading Down 1.7%

NYSE CVE opened at $27.57 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. Cenovus Energy Inc has a 52 week low of $12.88 and a 52 week high of $32.07. The stock has a market capitalization of $51.69 billion, a PE ratio of 15.15 and a beta of 0.37. The firm has a 50 day moving average of $27.50 and a two-hundred day moving average of $22.15.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $9.47 billion. During the same quarter in the previous year, the business posted $0.47 EPS. The firm’s revenue was up 1.0% on a year-over-year basis. As a group, research analysts expect that Cenovus Energy Inc will post 3.15 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.22 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date is Monday, June 15th. This represents a $0.88 annualized dividend and a yield of 3.2%. Cenovus Energy’s dividend payout ratio (DPR) is presently 35.16%.

Analysts Set New Price Targets

CVE has been the subject of a number of recent analyst reports. BMO Capital Markets reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Zacks Research upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 22nd. The Goldman Sachs Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Finally, TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $35.25.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.