Investors Research Corp Takes $1.12 Million Position in Cenovus Energy Inc. (NYSE:CVE)

Investors Research Corp purchased a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the fourth quarter, HoldingsChannel reports. The fund purchased 74,150 shares of the oil and gas company’s stock, valued at approximately $1,123,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Truvestments Capital LLC acquired a new stake in Cenovus Energy in the 3rd quarter valued at $25,000. Sierra Ocean LLC acquired a new position in shares of Cenovus Energy in the 4th quarter valued at approximately $67,000. Blue Trust Inc. raised its position in shares of Cenovus Energy by 54.7% in the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after buying an additional 1,677 shares in the last quarter. SevenBridge Financial Group LLC acquired a new position in Cenovus Energy during the 3rd quarter worth approximately $162,000. Finally, Empirical Asset Management LLC acquired a new position in Cenovus Energy during the 4th quarter worth approximately $174,000. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Price Performance

CVE stock opened at $12.72 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy Inc. has a 52 week low of $12.07 and a 52 week high of $21.90. The firm’s fifty day moving average is $14.72 and its 200 day moving average is $15.86. The firm has a market cap of $23.19 billion, a P/E ratio of 10.51 and a beta of 1.99.

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

Cenovus Energy Cuts Dividend

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

Analysts Set New Price Targets

CVE has been the subject of several recent research reports. National Bank Financial cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. Royal Bank of Canada cut their target price on shares of Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Finally, StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $29.25.

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.