Intact Investment Management Inc. Purchases 185,507 Shares of Cenovus Energy Inc. (NYSE:CVE)

Intact Investment Management Inc. increased its position in shares of Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 8.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,386,398 shares of the oil and gas company's stock after acquiring an additional 185,507 shares during the quarter. Cenovus Energy accounts for about 1.3% of Intact Investment Management Inc.'s holdings, making the stock its 20th largest position. Intact Investment Management Inc. owned approximately 0.13% of Cenovus Energy worth $39,916,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. First Trust Direct Indexing L.P. purchased a new stake in shares of Cenovus Energy in the first quarter worth approximately $215,000. Daiwa Securities Group Inc. purchased a new position in shares of Cenovus Energy during the 1st quarter valued at $356,000. Mediolanum International Funds Ltd acquired a new position in shares of Cenovus Energy in the first quarter worth $680,000. Gold Investment Management Ltd. raised its holdings in shares of Cenovus Energy by 4.6% during the first quarter. Gold Investment Management Ltd. now owns 18,881 shares of the oil and gas company's stock worth $378,000 after acquiring an additional 833 shares in the last quarter. Finally, Signaturefd LLC boosted its position in Cenovus Energy by 13.2% during the first quarter. Signaturefd LLC now owns 44,901 shares of the oil and gas company's stock valued at $898,000 after purchasing an additional 5,233 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock traded up $0.54 during trading on Monday, reaching $16.21. The company's stock had a trading volume of 8,537,259 shares, compared to its average volume of 8,897,379. Cenovus Energy Inc. has a one year low of $14.69 and a one year high of $21.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66. The firm has a market cap of $29.65 billion, a price-to-earnings ratio of 11.19 and a beta of 2.05. The business's fifty day moving average price is $17.20 and its 200-day moving average price is $18.85.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.87%. The firm had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. During the same period in the prior year, the firm earned $0.72 EPS. The business's revenue was down 17.9% on a year-over-year basis. As a group, equities research analysts predict that Cenovus Energy Inc. will post 1.67 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.133 dividend. This represents a $0.53 annualized dividend and a yield of 3.28%. The ex-dividend date is Friday, December 13th. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.13. Cenovus Energy's payout ratio is 36.55%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CVE shares. StockNews.com upgraded Cenovus Energy from a "hold" rating to a "buy" rating in a report on Monday, October 28th. TD Securities downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 1st. Scotiabank decreased their price objective on shares of Cenovus Energy from $35.00 to $34.00 and set a "sector outperform" rating for the company in a report on Friday, July 12th. Finally, BMO Capital Markets cut their target price on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating on the stock in a report on Friday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $30.00.

Cenovus Energy Company 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.