CoreCap Advisors LLC Buys New Position in Cenovus Energy Inc. (NYSE:CVE)

CoreCap Advisors LLC purchased a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the second quarter, Holdings Channel.com reports. The fund purchased 17,693 shares of the oil and gas company’s stock, valued at approximately $348,000.

Several other hedge funds have also made changes to their positions in CVE. SVB Wealth LLC increased its stake in Cenovus Energy by 2.6% during the 1st quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock worth $394,000 after buying an additional 507 shares during the period. Lindbrook Capital LLC increased its position in shares of Cenovus Energy by 17.6% during the first quarter. Lindbrook Capital LLC now owns 4,240 shares of the oil and gas company’s stock worth $85,000 after acquiring an additional 636 shares during the period. SYSTM Wealth Solutions LLC raised its stake in shares of Cenovus Energy by 6.8% in the first quarter. SYSTM Wealth Solutions LLC now owns 12,493 shares of the oil and gas company’s stock valued at $250,000 after acquiring an additional 800 shares in the last quarter. Cetera Advisors LLC boosted its holdings in Cenovus Energy by 5.2% in the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after purchasing an additional 801 shares during the period. Finally, Gold Investment Management Ltd. grew its stake in Cenovus Energy by 4.6% during the 1st quarter. Gold Investment Management Ltd. now owns 18,881 shares of the oil and gas company’s stock worth $378,000 after purchasing an additional 833 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $16.20 on Friday. The stock’s 50-day simple moving average is $18.81 and its 200-day simple moving average is $19.45. The firm has a market capitalization of $30.12 billion, a PE ratio of 9.00 and a beta of 2.05. Cenovus Energy Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. The company had revenue of $10.88 billion for the quarter, compared to analyst estimates of $9.78 billion. As a group, equities research analysts forecast that Cenovus Energy Inc. will post 1.85 EPS for the current fiscal year.

Cenovus Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a $0.132 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.53 annualized dividend and a yield of 3.26%. Cenovus Energy’s dividend payout ratio is presently 29.44%.

Wall Street Analysts Forecast Growth

CVE has been the subject of several recent research reports. Scotiabank decreased their price objective on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. StockNews.com cut shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Friday, July 26th. Finally, Raymond James raised shares of Cenovus Energy to a “moderate buy” rating in a research report on Tuesday, May 28th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Cenovus Energy currently has a consensus rating of “Buy” and a consensus target price of $30.67.

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.