317,600 Shares in Cenovus Energy Inc $CVE Acquired by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors acquired 317,600 Cenovus Energy shares during the second quarter, valued at approximately $7.88 million. Institutional investors and hedge funds collectively own 51.19% of the company.
• Analyst sentiment remains positive, with Cenovus holding a “Moderate Buy” consensus rating and an average price target of $36.25; ratings include one Strong Buy, thirteen Buys, and two Holds.
• Cenovus reported quarterly EPS of $1.11 and revenue of $14.59 billion, up 47.9% year over year. The company also declared a quarterly dividend of $0.22 per share, representing a 2.8% yield.

Hennessy Advisors Inc. acquired a new position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 317,600 shares of the oil and gas company's stock, valued at approximately $7,880,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Orion Capital Management LLC acquired a new stake in shares of Cenovus Energy during the 2nd quarter worth $25,000. Transamerica Financial Advisors LLC raised its stake in Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 1,433 shares in the last quarter. Gables Capital Management Inc. acquired a new position in Cenovus Energy in the second quarter valued at about $35,000. Kestra Advisory Services LLC bought a new stake in Cenovus Energy during the fourth quarter worth about $38,000. Finally, Geneos Wealth Management Inc. grew its stake in Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock worth $44,000 after buying an additional 1,384 shares in the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVE has been the topic of several recent analyst reports. Zacks Research lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 16th. The Goldman Sachs Group reiterated a "buy" rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Desjardins raised shares of Cenovus Energy to a "moderate buy" rating in a research note on Thursday, July 16th. Scotiabank restated an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Finally, Wall Street Zen upgraded Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Cenovus Energy presently has an average rating of "Moderate Buy" and an average target price of $36.25.

Cenovus Energy Trading Down 0.3%

CVE opened at $31.60 on Friday. The company's 50 day moving average is $28.40 and its 200-day moving average is $26.87. Cenovus Energy Inc has a 1-year low of $15.63 and a 1-year high of $33.40. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The company has a market cap of $58.44 billion, a P/E ratio of 12.15 and a beta of 0.34.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.11. The business had revenue of $14.59 billion during the quarter, compared to analysts' expectations of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm's quarterly revenue was up 47.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.45 EPS. Equities research analysts predict that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy's payout ratio is presently 24.62%.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

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