Ontario Teachers Pension Plan Board Buys 152,329 Shares of Cenovus Energy Inc. (NYSE:CVE)

Ontario Teachers Pension Plan Board grew its position in shares of Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 94.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 313,137 shares of the oil and gas company's stock after purchasing an additional 152,329 shares during the period. Ontario Teachers Pension Plan Board's holdings in Cenovus Energy were worth $5,237,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Blue Trust Inc. raised its stake in Cenovus Energy by 640.3% during the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company's stock valued at $51,000 after acquiring an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company's stock worth $170,000 after purchasing an additional 643 shares during the period. Everpar Advisors LLC bought a new position in Cenovus Energy during the 2nd quarter valued at $211,000. FCG Investment Co acquired a new position in shares of Cenovus Energy during the 3rd quarter valued at $211,000. Finally, Washington Trust Bank acquired a new stake in shares of Cenovus Energy in the third quarter valued at $214,000. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Price Performance

Shares of CVE traded up $0.11 during mid-day trading on Wednesday, reaching $16.17. The company had a trading volume of 10,817,432 shares, compared to its average volume of 8,867,615. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The company's 50-day moving average is $16.73 and its 200-day moving average is $18.43. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.90. The company has a market capitalization of $29.53 billion, a P/E ratio of 11.07 and a beta of 2.05.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released 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. The firm had revenue of $14.20 billion during the quarter, compared to analysts' expectations of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business's revenue was down 17.9% on a year-over-year basis. During the same period last year, the firm posted $0.72 EPS. On average, equities analysts anticipate that Cenovus Energy Inc. will post 1.5 EPS for the current year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.133 per share. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a yield of 3.29%. Cenovus Energy's payout ratio is currently 36.55%.

Wall Street Analyst Weigh In

CVE has been the subject of a number of research reports. BMO Capital Markets reduced their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating for the company in a report on Friday, November 1st. StockNews.com upgraded Cenovus Energy from a "hold" rating to a "buy" rating in a report on Monday. Finally, TD Securities lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Cenovus Energy has an average rating of "Moderate Buy" and an average price target of $30.00.

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.