Harmony Asset Management LLC Makes New Investment in Cenovus Energy Inc. (NYSE:CVE)

Harmony Asset Management LLC purchased a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 12,400 shares of the oil and gas company’s stock, valued at approximately $244,000.

A number of other hedge funds have also made changes to their positions in CVE. Capital World Investors boosted its holdings in shares of Cenovus Energy by 5.4% during the 4th quarter. Capital World Investors now owns 150,534,829 shares of the oil and gas company’s stock worth $2,508,185,000 after buying an additional 7,750,480 shares during the period. Vanguard Group Inc. lifted its position in shares of Cenovus Energy by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 48,563,284 shares of the oil and gas company’s stock worth $970,780,000 after purchasing an additional 1,008,341 shares during the last quarter. TD Asset Management Inc lifted its position in shares of Cenovus Energy by 26.5% during the 4th quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock worth $706,503,000 after purchasing an additional 8,841,374 shares during the last quarter. Boston Partners boosted its stake in Cenovus Energy by 29.0% during the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock valued at $750,435,000 after purchasing an additional 8,438,979 shares during the period. Finally, Capital International Investors grew its holdings in Cenovus Energy by 216.3% in the 1st quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock valued at $678,250,000 after buying an additional 23,202,018 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Raymond James upgraded Cenovus Energy to a “moderate buy” rating in a report on Tuesday, May 28th. Scotiabank cut their target price on shares of 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. Finally, StockNews.com lowered shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 26th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Cenovus Energy has a consensus rating of “Buy” and a consensus price target of $30.67.

Cenovus Energy Trading Down 0.6 %

Shares of Cenovus Energy stock opened at $17.11 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.00. The company’s fifty day moving average price is $18.53 and its two-hundred day moving average price is $19.44. Cenovus Energy Inc. has a 52-week low of $14.69 and a 52-week high of $21.90. The firm has a market capitalization of $31.81 billion, a PE ratio of 9.51 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). The company had revenue of $10.88 billion during the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. On average, analysts expect that Cenovus Energy Inc. will post 1.85 EPS for the current 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 issued a dividend of $0.132 per share. The ex-dividend date is Friday, September 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.09%. Cenovus Energy’s payout ratio is presently 29.44%.

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.