Keybank National Association OH Acquires New Holdings in Cenovus Energy Inc $CVE

Keybank National Association OH bought a new stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 43,244 shares of the oil and gas company’s stock, valued at approximately $1,147,000.

A number of other large investors have also added to or reduced their stakes in the company. Capital Research Global Investors boosted its holdings in shares of Cenovus Energy by 291.3% in the 3rd quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock valued at $1,809,758,000 after buying an additional 79,345,506 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Cenovus Energy by 440.8% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 15,414,179 shares of the oil and gas company’s stock worth $260,797,000 after acquiring an additional 12,564,179 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in Cenovus Energy by 322.7% during the second quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company’s stock valued at $211,338,000 after acquiring an additional 11,849,355 shares during the last quarter. FIL Ltd lifted its position in Cenovus Energy by 40.0% during the fourth quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock valued at $651,880,000 after acquiring an additional 11,019,212 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in Cenovus Energy by 46.7% in the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after acquiring an additional 9,753,134 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CVE. Royal Bank Of Canada upped their price target on Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 19th. Veritas upgraded Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Moderate Buy” and an average target price of $35.25.

Cenovus Energy Price Performance

NYSE CVE opened at $25.23 on Wednesday. The company has a market cap of $46.95 billion, a price-to-earnings ratio of 13.87 and a beta of 0.34. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. The stock’s fifty day moving average price is $27.80 and its 200 day moving average price is $23.82. Cenovus Energy Inc has a 1 year low of $13.90 and a 1 year high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. The company had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The firm’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.47 EPS. As a group, equities research analysts forecast that Cenovus Energy Inc will post 3.02 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.22 dividend. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Monday, June 15th. Cenovus Energy’s payout ratio is currently 35.16%.

About Cenovus Energy

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.