Herr Investment Group LLC Purchases Shares of 50,000 Cenovus Energy Inc. (NYSE:CVE)

Herr Investment Group LLC acquired a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the 2nd quarter, Holdings Channel reports. The fund acquired 50,000 shares of the oil and gas company’s stock, valued at approximately $983,000.

Other hedge funds have also modified their holdings of the company. Atria Investments Inc bought a new stake in shares of Cenovus Energy in the first quarter worth $1,482,000. Manning & Napier Advisors LLC acquired a new position in shares of Cenovus Energy during the 2nd quarter worth about $2,946,000. TD Asset Management Inc grew its holdings in shares of Cenovus Energy by 26.5% in the 4th quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock valued at $706,503,000 after acquiring an additional 8,841,374 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Cenovus Energy by 39.9% in the first quarter. International Assets Investment Management LLC now owns 35,767 shares of the oil and gas company’s stock valued at $719,000 after acquiring an additional 10,200 shares during the last quarter. Finally, M&G Plc raised its holdings in Cenovus Energy by 2.4% during the second quarter. M&G Plc now owns 3,496,370 shares of the oil and gas company’s stock worth $69,013,000 after acquiring an additional 82,840 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CVE has been the subject of a number of analyst reports. Scotiabank decreased their price target 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 research note on Friday, July 26th. Finally, Raymond James upgraded shares of Cenovus Energy to a “moderate buy” rating in a research note on Tuesday, May 28th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $30.67.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $17.23 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.90. The stock has a market capitalization of $32.04 billion, a price-to-earnings ratio of 9.57 and a beta of 2.05. The company has a 50-day simple moving average of $18.63 and a two-hundred day simple moving average of $19.43.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.13). Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. The business had revenue of $10.88 billion for the quarter, compared to analyst estimates of $9.78 billion. Analysts forecast that Cenovus Energy Inc. will post 1.85 EPS for the current year.

Cenovus Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.132 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.53 dividend on an annualized basis and a yield of 3.06%. Cenovus Energy’s dividend payout ratio is currently 29.44%.

Cenovus Energy 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.