Hennessy Advisors Inc. Makes New Investment in Cenovus Energy Inc. (NYSE:CVE)

Hennessy Advisors Inc. bought a new position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 328,600 shares of the oil and gas company’s stock, valued at approximately $6,569,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Financial Perspectives Inc acquired a new position in shares of Cenovus Energy in the fourth quarter worth about $28,000. Banque Cantonale Vaudoise acquired a new position in shares of Cenovus Energy in the first quarter worth about $30,000. Headlands Technologies LLC acquired a new position in shares of Cenovus Energy in the fourth quarter worth about $33,000. Spire Wealth Management boosted its holdings in shares of Cenovus Energy by 41.9% during the fourth quarter. Spire Wealth Management now owns 2,305 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 681 shares during the period. Finally, GHP Investment Advisors Inc. acquired a new stake in shares of Cenovus Energy during the fourth quarter worth approximately $43,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on CVE shares. StockNews.com cut shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Thursday. Morgan Stanley raised their price target on shares of Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Finally, Raymond James upgraded shares of Cenovus Energy to a “moderate buy” rating in a report on Tuesday, May 28th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Cenovus Energy currently has an average rating of “Buy” and a consensus target price of $29.00.

Cenovus Energy Stock Down 0.3 %

CVE traded down $0.05 during midday trading on Friday, hitting $19.62. 2,636,906 shares of the company’s stock traded hands, compared to its average volume of 9,769,854. The company has a market cap of $36.48 billion, a PE ratio of 10.93 and a beta of 2.06. The stock’s fifty day simple moving average is $20.00 and its 200-day simple moving average is $18.43. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.70 and a quick ratio of 1.01. Cenovus Energy Inc. has a one year low of $14.69 and a one year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.11. The firm had revenue of $9.94 billion for the quarter, compared to analyst estimates of $9.98 billion. Cenovus Energy had a net margin of 8.73% and a return on equity of 16.53%. As a group, equities analysts anticipate that Cenovus Energy Inc. will post 2.04 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a monthly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 17th were given a dividend of $0.0981 per share. This represents a $1.18 annualized dividend and a yield of 6.00%. The ex-dividend date of this dividend was Thursday, May 16th. Cenovus Energy’s payout ratio is presently 28.89%.

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.