Hennessy Advisors Inc. Purchases Shares of 328,600 Cenovus Energy Inc. (NYSE:CVE)

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

Other institutional investors and hedge funds also recently modified their holdings of the company. Financial Perspectives Inc purchased a new stake in shares of Cenovus Energy in the fourth quarter valued at about $28,000. Banque Cantonale Vaudoise purchased a new stake in shares of Cenovus Energy in the first quarter valued at about $30,000. Headlands Technologies LLC purchased a new position in shares of Cenovus Energy during the fourth quarter valued at approximately $33,000. Spire Wealth Management lifted its stake 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 valued at $38,000 after buying an additional 681 shares during the period. Finally, GHP Investment Advisors Inc. purchased a new position in shares of Cenovus Energy during the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Trading Down 0.3 %

CVE stock traded down $0.05 on Friday, hitting $19.62. 2,636,906 shares of the company were exchanged, compared to its average volume of 9,769,854. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.90. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.70 and a quick ratio of 1.01. The business’s fifty day moving average is $20.00 and its two-hundred day moving average is $18.43. The stock has a market capitalization of $36.48 billion, a price-to-earnings ratio of 10.93 and a beta of 2.06.

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

Cenovus Energy Dividend Announcement

The business also recently declared 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 was Thursday, May 16th. Cenovus Energy’s dividend payout ratio (DPR) is 28.89%.

Analyst Upgrades and Downgrades

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

About Cenovus Energy

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.