Industrial Alliance Investment Management Inc. Purchases 84,090 Shares of Cenovus Energy Inc. (NYSE:CVE)

Industrial Alliance Investment Management Inc. raised its position in shares of Cenovus Energy Inc. (NYSE:CVE – Get Rating) (TSE:CVE) by 27.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 389,954 shares of the oil and gas company’s stock after purchasing an additional 84,090 shares during the quarter. Industrial Alliance Investment Management Inc.’s holdings in Cenovus Energy were worth $5,994,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CVE. GQG Partners LLC bought a new stake in shares of Cenovus Energy during the 2nd quarter valued at about $609,445,000. Point72 Asset Management L.P. bought a new stake in shares of Cenovus Energy during the 3rd quarter valued at about $130,292,000. Wellington Management Group LLP grew its stake in shares of Cenovus Energy by 68.8% during the 1st quarter. Wellington Management Group LLP now owns 19,871,360 shares of the oil and gas company’s stock valued at $331,500,000 after acquiring an additional 8,098,474 shares during the period. Capital World Investors grew its stake in shares of Cenovus Energy by 30.0% during the 1st quarter. Capital World Investors now owns 28,481,746 shares of the oil and gas company’s stock valued at $474,791,000 after acquiring an additional 6,570,038 shares during the period. Finally, Boston Partners grew its stake in shares of Cenovus Energy by 19.2% during the 3rd quarter. Boston Partners now owns 22,620,045 shares of the oil and gas company’s stock valued at $397,199,000 after acquiring an additional 3,640,145 shares during the period. 49.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Scotiabank cut their price objective on Cenovus Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 17th. BMO Capital Markets cut their price objective on Cenovus Energy from C$33.00 to C$32.00 in a research note on Friday, February 17th. StockNews.com assumed coverage on Cenovus Energy in a research note on Thursday. They set a “hold” rating for the company. Credit Suisse Group cut their price objective on Cenovus Energy from C$37.00 to C$35.00 in a research note on Monday, November 21st. Finally, The Goldman Sachs Group downgraded Cenovus Energy from a “buy” rating to a “neutral” rating and set a $23.00 price objective for the company. in a research note on Monday, November 21st.

Cenovus Energy Stock Down 6.9 %

NYSE CVE opened at $15.81 on Thursday. The stock’s 50 day moving average is $18.88 and its 200 day moving average is $18.82. The company has a current ratio of 1.55, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. Cenovus Energy Inc. has a 12 month low of $14.44 and a 12 month high of $24.91. The stock has a market cap of $30.17 billion, a PE ratio of 6.43 and a beta of 2.21.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be issued a dividend of $0.079 per share. This represents a $0.32 annualized dividend and a dividend yield of 2.00%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.08. The ex-dividend date is Tuesday, March 14th. Cenovus Energy’s dividend payout ratio is 12.20%.

Cenovus Energy Company Profile

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Cenovus Energy, Inc is a Canadian-based integrated energy company, which engages in the provision of gas and oil. It operates through the following segments: Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Corporate and Eliminations. The Oil Sands segment is involved in the development and production of bitumen and heavy oil in northern Alberta and Saskatchewan.