The Manufacturers Life Insurance Company Buys Shares of 17,117,654 Cenovus Energy Inc $CVE

The Manufacturers Life Insurance Company purchased a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 17,117,654 shares of the oil and gas company’s stock, valued at approximately $423,886,000. The Manufacturers Life Insurance Company owned approximately 0.93% of Cenovus Energy as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Capital Research Global Investors boosted its position in Cenovus Energy by 16.6% during the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after acquiring an additional 17,730,542 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Cenovus Energy by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock worth $1,074,660,000 after purchasing an additional 7,197,843 shares during the last quarter. Capital International Investors increased its stake in shares of Cenovus Energy by 3.9% during the 4th quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock worth $862,505,000 after purchasing an additional 1,903,432 shares during the last quarter. FIL Ltd raised its holdings in shares of Cenovus Energy by 40.0% in the 4th quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock valued at $651,880,000 after purchasing an additional 11,019,212 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of Cenovus Energy by 111.2% in the 1st quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock valued at $604,107,000 after purchasing an additional 11,990,405 shares during the period. 51.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Royal Bank Of Canada raised their price objective on Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. Finally, Wall Street Zen raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Cenovus Energy currently has an average rating of “Moderate Buy” and a consensus price target of $36.25.

Cenovus Energy Price Performance

NYSE:CVE opened at $32.17 on Tuesday. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $33.40. The firm has a market cap of $59.50 billion, a price-to-earnings ratio of 12.37 and a beta of 0.34. The firm’s 50-day simple moving average is $27.93 and its 200 day simple moving average is $26.60. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.11. The firm had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 EPS. As a group, sell-side analysts predict that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy’s payout ratio is presently 24.62%.

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.