Investors Research Corp Makes New Investment in Cenovus Energy Inc. (NYSE:CVE)

Investors Research Corp bought a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 74,150 shares of the oil and gas company’s stock, valued at approximately $1,123,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Smead Capital Management Inc. grew its holdings in shares of Cenovus Energy by 39.3% in the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock worth $257,831,000 after acquiring an additional 4,351,960 shares during the period. Bridgewater Associates LP acquired a new stake in shares of Cenovus Energy in the 3rd quarter worth approximately $33,995,000. Anson Funds Management LP grew its holdings in shares of Cenovus Energy by 188.2% in the 3rd quarter. Anson Funds Management LP now owns 1,877,800 shares of the oil and gas company’s stock worth $31,405,000 after acquiring an additional 1,226,221 shares during the period. Panview Capital Ltd acquired a new stake in shares of Cenovus Energy in the 4th quarter worth approximately $16,741,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cenovus Energy by 273.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,440,237 shares of the oil and gas company’s stock worth $21,821,000 after acquiring an additional 1,054,483 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

CVE has been the topic of a number of research reports. National Bank Financial cut Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. Finally, Royal Bank of Canada reduced their target price on Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.25.

Cenovus Energy Stock Up 0.3 %

CVE stock opened at $12.72 on Monday. The firm has a market cap of $23.19 billion, a PE ratio of 10.51 and a beta of 1.99. Cenovus Energy Inc. has a 1 year low of $12.07 and a 1 year high of $21.90. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a fifty day simple moving average of $14.72 and a 200 day simple moving average of $15.86.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $11.08 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. Sell-side analysts anticipate that Cenovus Energy Inc. will post 1.49 EPS for the current fiscal year.

Cenovus Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.1269 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a yield of 3.99%. Cenovus Energy’s dividend payout ratio (DPR) is presently 40.50%.

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.